
Concept explainers
a)
To determine: The decision table for the decision.
Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.
b.
To determine: Maximax decision
Introduction:
Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.
c.
To determine: The minimax decision.
Introduction
Maximin is the decision making method which makes decision making under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.
d.
To determine: Equally likely decision
Introduction
Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.
e.
To draw: Decision tree. Assume each outcome is equally likely, and find the highest EMV.
Introduction:
Decision tree is graphical representation of decision making process which has state of nature, alternative, payoffs and their probabilities of outcomes.
EMV: It is expected value or payout that has different possible state of nature, each with their associated possibilities.
Formula:
Here probabilities are equal likely in each case. So probabilities of the be 1/3= 0.3333

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Chapter A Solutions
Operations Management
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