
An Introduction to Management Science 13th Edition by David Anderson,Dennis Sweeney ,Thomas Williams ,Jeffrey Camm, Kipp Martin
النسخة 13الرقم المعياري الدولي: 978-1439043271
An Introduction to Management Science 13th Edition by David Anderson,Dennis Sweeney ,Thomas Williams ,Jeffrey Camm, Kipp Martin
النسخة 13الرقم المعياري الدولي: 978-1439043271 تمرين 16
Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table:
a. If the decision maker knows nothing about the probabilities of the four states of nature. What is the recommended decision using the optimistic, conservative, and minimax regret approaches?
b. Which approach do you prefer? Explain. Is establishing the most appropriate approach before analyzing the problem important for the decision maker? Explain.
c. Assume that the payoff table provides cost rather than profit payoff. What is the recommended decision using the optimistic, conservative, and minimax regret approaches?

a. If the decision maker knows nothing about the probabilities of the four states of nature. What is the recommended decision using the optimistic, conservative, and minimax regret approaches?
b. Which approach do you prefer? Explain. Is establishing the most appropriate approach before analyzing the problem important for the decision maker? Explain.
c. Assume that the payoff table provides cost rather than profit payoff. What is the recommended decision using the optimistic, conservative, and minimax regret approaches?
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An Introduction to Management Science 13th Edition by David Anderson,Dennis Sweeney ,Thomas Williams ,Jeffrey Camm, Kipp Martin
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