Choose the letter of the correct answer on each questions being asked for each case 1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION? D1 D2 D3 D4 2. What decision alternative will he choose if using MAXIMIN CRITERION? D1 D2 D3 D4 3. What about MINIMAX REGRET CRITERION? D1 D2 D3 D4 4. What decision would he make if using criterion of realism at alpha 0.6 is used? D1 D2 D3 D4

Choose the letter of the correct answer on each questions being asked for each case 1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION? D1 D2 D3 D4 2. What decision alternative will he choose if using MAXIMIN CRITERION? D1 D2 D3 D4 3. What about MINIMAX REGRET CRITERION? D1 D2 D3 D4 4. What decision would he make if using criterion of realism at alpha 0.6 is used? D1 D2 D3 D4

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section11.2: Operations Models

Problem 2P: In Example 11.1, the possible profits vary from negative to positive for each of the 10 possible...

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