Specify the outcome suggested for each of the following criteria: Maximin = Maximax = Minimax Regret =

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter5: Network Models
Section: Chapter Questions
Problem 80P
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Blue Sky Airlines is looking to implement a new labor scheduling system. Russell Trent has been charged with selecting one of 3 alternative approaches to the project. Complicating the analysis is
the fact that each alternative will yield different results depending on which of the 3 economic scenarios occurs.
Russell has studied each of the alternatives and scenarios and believes the table below accurately represents the potential outcomes. Each row represents a different approach to the project. Each column
represents the outcomes associated with a specific economic scenario.
Scenario 1
Alt 1
Alt 2
Alt 3
2
-82.3
-528
3
-31.4
11.4
-270.9 263.1
-376.6 -396.8 -337.8
Specify the outcome suggested for each of the following criteria:
Maximin =
Maximax =
Minimax Regret =
Transcribed Image Text:Blue Sky Airlines is looking to implement a new labor scheduling system. Russell Trent has been charged with selecting one of 3 alternative approaches to the project. Complicating the analysis is the fact that each alternative will yield different results depending on which of the 3 economic scenarios occurs. Russell has studied each of the alternatives and scenarios and believes the table below accurately represents the potential outcomes. Each row represents a different approach to the project. Each column represents the outcomes associated with a specific economic scenario. Scenario 1 Alt 1 Alt 2 Alt 3 2 -82.3 -528 3 -31.4 11.4 -270.9 263.1 -376.6 -396.8 -337.8 Specify the outcome suggested for each of the following criteria: Maximin = Maximax = Minimax Regret =
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