Operations Management: Processes and Supply Chains, Student Value Edition Plus MyLab Operations Management with Pearson eText -- Access Card Package (11th Edition)
Operations Management: Processes and Supply Chains, Student Value Edition Plus MyLab Operations Management with Pearson eText -- Access Card Package (11th Edition)
11th Edition
ISBN: 9780134111056
Author: Lee J. Krajewski, Manoj K. Malhotra, Larry P. Ritzman
Publisher: PEARSON
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Chapter A, Problem 19P

a

Summary Introduction

Interpretation:The best alternative in case of maximin decision criteria is to be determined.

Concept Introduction:

Maximin:is regarded as the pessimist’s approach.

The highest of a set of minimum values is defined as maximin. That is the largest among the set of minimum possible gains.

b

Summary Introduction

Interpretation: The best alternative in case of maximax decision criteria is to be determined.

Concept Introduction:

Maximax:is regarded as the optimist’s approach. This rule involves selecting the option that maximizes the maximum payoff available.

c

Summary Introduction

Interpretation: The best alternative in case of minimax regret decision criteria is to be determined.

Concept Introduction:

Minimax:is regarded as another pessimistic approach. It is the one that minimizes the maximum regret.

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