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What is the best decision if you prefer the mini-max regret approach?

What is the best decision if you prefer the mini-max regret approach?

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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B.F. Retread, a tire manufacturer, wants to select one of three feasible prototype designs for a new tire; A, B, C. A B C O Decision A O Decision C What is the best decision if you prefer the mini-max regret approach? Decision B Low (0.30) 120,000 130,000 100,000 O Both Decision A & B Revenues Medium (0.50) 255,000 295,000 300,000 High (0.20) 390,000 460,000 480,000
Transcribed Image Text:B.F. Retread, a tire manufacturer, wants to select one of three feasible prototype designs for a new tire; A, B, C. A B C O Decision A O Decision C What is the best decision if you prefer the mini-max regret approach? Decision B Low (0.30) 120,000 130,000 100,000 O Both Decision A & B Revenues Medium (0.50) 255,000 295,000 300,000 High (0.20) 390,000 460,000 480,000
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