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1. The marketing research department of company has recommended to the Decision-making department to launch three varieties of Chips. The Department manager has to decide one of the types of Chips to be launched under the following estimated payoffs for various levels of sales: Estimated levels of sales(in thousands) a=8 Type of Chips b=7 Potato chips 50 + a 10 + b 10 c=2 d=9 Banana chips 20 +c 5 +b+c 20 + b * a | Jack fruit chips 55 10 + 2a 1+d What will be the manager's decision under the following decision criteria's? а. Minimax Regret criterion b. Hurwicz Alpha criterion (a=0.2)

1. The marketing research department of company has recommended to the Decision-making department to launch three varieties of Chips. The Department manager has to decide one of the types of Chips to be launched under the following estimated payoffs for various levels of sales: Estimated levels of sales(in thousands) a=8 Type of Chips b=7 Potato chips 50 + a 10 + b 10 c=2 d=9 Banana chips 20 +c 5 +b+c 20 + b * a | Jack fruit chips 55 10 + 2a 1+d What will be the manager's decision under the following decision criteria's? а. Minimax Regret criterion b. Hurwicz Alpha criterion (a=0.2)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 25PPS
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please substitute the value of a b c d in question 

1. The marketing research department of company has recommended to the Decision-making department to launch three varieties of Chips. The Department manager has to decide one of the types of Chips to be launched under the following estimated payoffs for various levels of sales: Estimated levels of sales(in thousands) a=8 b=7 c=2 Type of Chips Potato chips 50 + a 10 + b 10 d=9 20 +c | Jack fruit chips 55 Banana chips 5 +b+c 20 + b * a 10 + 2a 1+d What will be the manager's decision under the following decision criteria's? а. Minimax Regret criterion b. Hurwicz Alpha criterion (a=0.2)
Transcribed Image Text:1. The marketing research department of company has recommended to the Decision-making department to launch three varieties of Chips. The Department manager has to decide one of the types of Chips to be launched under the following estimated payoffs for various levels of sales: Estimated levels of sales(in thousands) a=8 b=7 c=2 Type of Chips Potato chips 50 + a 10 + b 10 d=9 20 +c | Jack fruit chips 55 Banana chips 5 +b+c 20 + b * a 10 + 2a 1+d What will be the manager's decision under the following decision criteria's? а. Minimax Regret criterion b. Hurwicz Alpha criterion (a=0.2)
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