What will be Hale’s TV Production’s decision based on the following criteria:a. MAXIMAXb. MAXIMINc. MINIMAX REGRETd. EXPECTED VALUEe. Construct the decision tree for this problem and indicate the decision based on the decision tree analysis.can you pls answer letter a,b,c 4. DECISION ANALYSISHale's TV Production is considering producing a pilot for a comedy seriesin the hope of selling it to a major television network. The network my decide toreject the series, but it may also decide to purchase the rights to the series ofeither one or two years. At this point in time, Hale may either produce the pilotand wait for the network's decision or transfer the rights for the pilot and series toa competitor for $100,000. Hale's decision alternatives and profits (in thousandsof dollars) are as follows:States of NatureDecisionReject, S11 year, S22 years, S3alternativeProduce Pilot, d1-10050150Sell to competitor,1009080d2Prior probability0.200.300.50

Given: State of nature State of nature State of nature Decision alternative Reject S1 1…

What will be Hale’s TV Production’s decision based on the following criteria: a. MAXIMAX b. MAXIMIN c. MINIMAX REGRET d. EXPECTED VALUE e. Construct the decision tree for this problem and indicate the decision based on the decision tree analysis. can you pls answer letter a,b,c

What will be Hale’s TV Production’s decision based on the following criteria: a. MAXIMAX b. MAXIMIN c. MINIMAX REGRET d. EXPECTED VALUE e. Construct the decision tree for this problem and indicate the decision based on the decision tree analysis. can you pls answer letter a,b,c

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter5: Network Models

Section5.5: Shortest Path Models

Problem 37P

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Hale's TV Production is considering producing a pilot for a comedy series in the hope of selling it to a major television network. The network may decide to reject the series, but it may also decide to purchase the rights to the series for either one or two years. At this point in time, Hale may either produce the pilot and wait for the network's decision or transfer the rights for the pilot and series to a competitor for $100,000. Hale's decision alternatives and profits (in thousands of dollars) are as follows: The probabilities for the states of nature are P(S1) = 0.20, P(S2) = 0.30, and P(S3) = 0.50. For a consulting fee of $5000, an agency will review the plans for the comedy series and indicate the overall chances of a favorable network reaction to the series. Assume that the agency review will result in a favorable (F) or an unfavorable (U) review and that the following probabilities are relevant: Construct a decision tree for this problem What is the recommended decision if…
Hale's TV Productions is considering producing a pilot for a comedy series in the hope of selling it to a major television network. The network may decide to reject the series, but it may also decide to purchase the rights to the series for either one or two years. At this point in time, Hale may either produce the pilot and wait for the network's decision or transfer the rights for the pilot and series to a competitor for $150,000. Hale's decision alternatives and profits (in thousands of dollars) are as follows: State of Nature Decision Alternative Reject, S1 1 Year, S2 2 Years, S3 Produce pilot, d1 -100 50 250 Sell to competitor, d2 150 150 150 The probabilities for the states of nature are P(S1) = 0.20, P(S2) = 0.30, and P(S3) = 0.50. For a consulting fee of $55,000, an agency will review the plans for the comedy series and indicate the overall chances of a favorable network reaction to the series. Assume that the agency review will result in a favorable (F) or an…
Brown’s TV Production is considering producing a pilot for a comedy series for a major network. While the network may reject the pilot and series, it may also purchase the program for 1 or 2 years. Brown may produce the pilot or transfer the rights for the series to a competitor for $100,000. Brown’s profits are summarized in the following payoff table (profits in thousands). sate of nature reject 1 year 2 years produce pilot -100 50 150 sell to competitor 100 100 100 For a consulting fee of $2500, an agency will review the plans for the comedy series and indicate the overall chances of a favorable network reaction to the series. Draw the decision tree for this revised decision problem. Label the tree (actions, states of nature, payoffs);
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