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Come up with a decision using each of the different criteria under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES and alpha = 0.5 * a.)Which realism approach decision alternative has the maximum payoff? b.)What is the best equally likely decision to take? pcik from the choices      -A at 45.5      -C at 61      -E at 53      -F at -54

Come up with a decision using each of the different criteria under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES and alpha = 0.5 * a.)Which realism approach decision alternative has the maximum payoff? b.)What is the best equally likely decision to take? pcik from the choices      -A at 45.5      -C at 61      -E at 53      -F at -54

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Come up with a decision using each of the different criteria under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES and alpha = 0.5 *

a.)Which realism approach decision alternative has the maximum payoff?


b.)What is the best equally likely decision to take? pcik from the choices
     -A at 45.5
     -C at 61
     -E at 53
     -F at -54



State of Nature (Production Rate) Alternatives Very Low Low Moderate High Machine Brand A Machine Brand B Machine Brand C Machine Brand D Machine Brand E Machine BrandF Machine Brand G 163 125 -87 -19 58 128 -90 -59 36 40 185 -21 13 -56 -71 106 11 48 -55 107 -98 -94 -24 -33 176 165 16
Transcribed Image Text:State of Nature (Production Rate) Alternatives Very Low Low Moderate High Machine Brand A Machine Brand B Machine Brand C Machine Brand D Machine Brand E Machine BrandF Machine Brand G 163 125 -87 -19 58 128 -90 -59 36 40 185 -21 13 -56 -71 106 11 48 -55 107 -98 -94 -24 -33 176 165 16
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