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The decision matrix shown indicates the profit expected from four alternatives under four states of nature. Select the preferred alternative by applying each of the following criteria: Laplace, maximin, maximax, minimax regret and Hurwicz with a = 0.7. Alternatives States of Nature S1 S2 P36 S3 P24 S4 A1 P25 P17 A2 P40 P19 P28 P36 P35 P21 Р33 P27 A3 A4 P30 P29 P15 P23

The decision matrix shown indicates the profit expected from four alternatives under four states of nature. Select the preferred alternative by applying each of the following criteria: Laplace, maximin, maximax, minimax regret and Hurwicz with a = 0.7. Alternatives States of Nature S1 S2 P36 S3 P24 S4 A1 P25 P17 A2 P40 P19 P28 P36 P35 P21 Р33 P27 A3 A4 P30 P29 P15 P23

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The decision matrix shown indicates the profit expected from four alternatives under four states of nature. Select the preferred alternative by applying each of the following criteria: Laplace, maximin, maximax, minimax regret and Hurwicz with a = 0.7. Alternatives States of Nature S2 Р36 S3 P24 S4 P17 A1 P25 A2 P40 P19 P28 P36 A3 P35 P21 Р33 P27 A4 Р30 P29 P15 P23
Transcribed Image Text:The decision matrix shown indicates the profit expected from four alternatives under four states of nature. Select the preferred alternative by applying each of the following criteria: Laplace, maximin, maximax, minimax regret and Hurwicz with a = 0.7. Alternatives States of Nature S2 Р36 S3 P24 S4 P17 A1 P25 A2 P40 P19 P28 P36 A3 P35 P21 Р33 P27 A4 Р30 P29 P15 P23
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