Question:Using MINIMAX REGRET Criterion, what will be your decision? and If the coefficeint of optimism is 0.6, what will be your decision using the Hurwicz criterion? Yougurt Hut Ltd. sells natural yogurt in a college community. The manager is fillingout orders for next week's supply of yogurt. He is uncertain as to what sales will be.He has a table below as a historical presentation of profits given certain sales andbuying level considerations.WEEKLY SALESACTIONSBUY 200BUY300BUY400200$50$25$0300$50$75$50400$50$75$100

Mathematic models of decision-making help businesses take the correct decision for their operational…

Answered: Using MINIMAX REGRET Criterion, what…

Using MINIMAX REGRET Criterion, what will be your decision? and If the coefficeint of optimism is 0.6, what will be your decision using the Hurwicz criterion?

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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Question

Question:

Using MINIMAX REGRET Criterion, what will be your decision? and If the coefficeint of optimism is 0.6, what will be your decision using the Hurwicz criterion?

Yougurt Hut Ltd. sells natural yogurt in a college community. The manager is filling
out orders for next week's supply of yogurt. He is uncertain as to what sales will be.
He has a table below as a historical presentation of profits given certain sales and
buying level considerations.
WEEKLY SALES
ACTIONS
BUY 200
BUY300
BUY400
200
$50
$25
$0
300
$50
$75
$50
400
$50
$75
$100

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Step 2 Determine regret matrix from given payoff matric.

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