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The following payoff table snows profit för å decision analysis problem with two decision alternatives and three states nature: State of Nature Decision Alternative S S2 S3 di 150 100 25 d2 100 100 75 (a) Choose the correct decision tree for this problem. (i) (ii) 150 150 di 2 $2 2 100 di $3 100 25 dz 25 100 dz 82 3 100 $3 75 75 (ii) (iv) dp 150 150 S1 2 100 100 di $2 100 100 $2 3 S2 100 100 dz $3 25 25 4 $3 4 $3 75 75 - Select your answer - v (b) If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Lontimistic anproach . Select vour answer Y

The following payoff table snows profit för å decision analysis problem with two decision alternatives and three states nature: State of Nature Decision Alternative S S2 S3 di 150 100 25 d2 100 100 75 (a) Choose the correct decision tree for this problem. (i) (ii) 150 150 di 2 $2 2 100 di $3 100 25 dz 25 100 dz 82 3 100 $3 75 75 (ii) (iv) dp 150 150 S1 2 100 100 di $2 100 100 $2 3 S2 100 100 dz $3 25 25 4 $3 4 $3 75 75 - Select your answer - v (b) If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Lontimistic anproach . Select vour answer Y

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Nature Decision Alternative S1 S2 S3 di 150 100 25 d2 100 100 75 (a) Choose the correct decision tree for this problem. (i) (ii) S1 150 150 $2 2 100 di $3 100 25 83 d2 25 100 d2 $2 3 3 100 $3 S3 75 75 (iii) S1 (iv) 150 150 2 2 d2 100 100 100 100 S2 3 3 $2 100 100 d2 $3 di 25 25 $3 4 S3 75 75 |- Select your answer - v (b) If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Optimistic approach Select your answer - v Conservative approach Select your answer - V Minimax regret approach - Select your answer
Transcribed Image Text:The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Nature Decision Alternative S1 S2 S3 di 150 100 25 d2 100 100 75 (a) Choose the correct decision tree for this problem. (i) (ii) S1 150 150 $2 2 100 di $3 100 25 83 d2 25 100 d2 $2 3 3 100 $3 S3 75 75 (iii) S1 (iv) 150 150 2 2 d2 100 100 100 100 S2 3 3 $2 100 100 d2 $3 di 25 25 $3 4 S3 75 75 |- Select your answer - v (b) If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Optimistic approach Select your answer - v Conservative approach Select your answer - V Minimax regret approach - Select your answer
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