Using MINIMAX REGRET Criterion, what will be your decision? and If the coefficeint of optimism is 0.6, what will be your decision using the Hurwicz criterion?

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 40P
icon
Related questions
Question

Question:

Using MINIMAX REGRET Criterion, what will be your decision? and If the coefficeint of optimism is 0.6, what will be your decision using the Hurwicz criterion?

Yougurt Hut Ltd. sells natural yogurt in a college community. The manager is filling
out orders for next week's supply of yogurt. He is uncertain as to what sales will be.
He has a table below as a historical presentation of profits given certain sales and
buying level considerations.
WEEKLY SALES
ACTIONS
BUY 200
BUY300
BUY400
200
$50
$25
$0
300
$50
$75
$50
400
$50
$75
$100
Transcribed Image Text:Yougurt Hut Ltd. sells natural yogurt in a college community. The manager is filling out orders for next week's supply of yogurt. He is uncertain as to what sales will be. He has a table below as a historical presentation of profits given certain sales and buying level considerations. WEEKLY SALES ACTIONS BUY 200 BUY300 BUY400 200 $50 $25 $0 300 $50 $75 $50 400 $50 $75 $100
Expert Solution
steps

Step by step

Solved in 4 steps with 4 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,