Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.4), LaPlace and Minimax Regret. Show the work on excel file.
Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.4), LaPlace and Minimax Regret. Show the work on excel file.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.4: Multiple Regression Models
Problem 12P
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3. Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.4), LaPlace and Minimax Regret. Show the work on excel file.
SIZE OF FIRST STATION |
GOOD MARKET |
FAIR MARKET |
POOR MARKET |
($) |
($) |
($) |
|
Small |
50,000 |
20,000 |
-10,000 |
Medium |
80,000 |
30,000 |
-20,000 |
Large |
100,000 |
30,000 |
-40,000 |
Very large |
300,000 |
25,000 |
-160,000 |
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