a
Interpretation:Best alternative by selecting maximin criteria.
Concept Introduction: Maximin criteria is to minimize the loss of payoffs by selecting the maximum alternatives.
b
Interpretation:Best alternative by selecting maximax criteria.
Concept Introduction: Maximax criteria is to maximize the profit of payoffs by selecting the maximum alternatives.
c
Interpretation:Best alternative by selecting laplace criteria.
Concept Introduction:Laplace criterion is equally likely criterion in which alternate in selected which has the highest average.
d
Interpretation:Best alternative by selecting minimax regret criteria.
Concept Introduction:Minimax Regret Criteria − The goal is to select the decision with the least regret. Regret is calculated by subtracting the payoff of each decision corresponding to the event from the maximum payoff of the event.
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- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,