Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as...

Question

Question

Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as...

Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluation criterion to evaluate alternatives.

Future Demands

Alternatives	Low	Moderate	High
Small Facility	170	180	200
Medium Facility	160	200	220
Large Facility	-40	210	310

Alternatives	Worst Regrets
Small Facility	?
Medium Facility	?
Large Facility	?

a) The worst regrets for alternative Small Facility is __________

b) The worst regrets for alternative Medium Facility is ___________

c) The worst regrets for alternative Large Facility is ___________

d) The best course of action or decision by using Minimax Regret is to select __________facility

math Statistics-And-Probability

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Ans:

Regret table
Alternatives	Low	Moderate	High	worst regrets
Small Facility	0	30	110	110
Medium Facility	10	10	90	90
Large Facility	210	0	0	210

a)The worst regrets for alternative Small Facility is 110

b) The worst regrets for alternative Medium Facility is 90

c) The worst regrets for alternative Large Facility is 210

d)he best course of action or decision by using Minimax Regret is to select medium facility,as it minimize the maximum/worst regret.

Add a comment

Answer 2

Similar Homework Help Questions

Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as...

Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluation criterion to evaluate alternatives. Future Demand Alternatives Low Moderate High Small Facility 8 9 11 Medium Facility 6 11 12 Large Facility -6 10 20 Alternatives Worst Regrets Small Facility ? Medium Facility ? Large Facility ? a) The worst regrets for alternative Small Facility is b) The worst regrets for alternative Medium Facility is c) The worst...
QUESTION 1 Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax...

QUESTION 1 Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluation criterion to evaluate alternatives. High Future Demand Low Moderate 18 20 35 -10 31 31 Alternatives Small Facility Medium Facility Large Facility 15 21 35 Alternatives Worst Regrets ? Small Facility Medium Facility Large Facility ? ? a) The worst regrets for alternative Small Facility is b) The worst regrets for alternative Medium Facility is c) The worst regrets for...
please show answers clearly Given is a decision payoff table and a Sub Decision Payoff Table....

please show answers clearly Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluation criterion to evaluate alternatives, Alternatives Low Small Facility 53 Medium Facility 51 Large Facility -13 Future Demand Moderate 50 51 37 High 49 50 51 Alternatives Small Facility Medium Facility Large Facility Worst Regrets ? ? ? a) The worst regrets for alternative Small Facility is b) The worst regrets for alternative Medium Facility is c) The worst...

1.Given is a decision payoff table. Future Demand Alternatives Low Moderate High Small Facility 53 31...

1.Given is a decision payoff table. Future Demand Alternatives Low Moderate High Small Facility 53 31 22 Medium Facility 29 42 32 Large Facility -5 30 53 a) The best decision under uncertainty using MAXIMAX is to select facility b) The best decision under uncertainty using MAXIMIN is to select facility c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select facility d) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30,...
Problem 13-01 (Algorithmic) The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Nature Decision Alternative 210...

Problem 13-01 (Algorithmic) The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Nature Decision Alternative 210 130 75 130 280 75 a. Choose the correct decision tree for this problem 210 210 di S1 S1 280 280 130 130 S2 130 130 d2 d2 75 75 di S3 75 (iv) 130 210 S2 210 di S1 130 75 S2 130 210 210 S1 di $1 130 75...
This question refers to an example in the book Production/Operations Management by William J. Stevenson. The...

This question refers to an example in the book Production/Operations Management by William J. Stevenson. The example involves a capacity-planning problem in which a company must choose to build a small, medium, or large production facility. The payoff obtained will depend on whether future demand is low, moderate, or high, and the payoffs are as given in the following table: Alternatives Small facility Medium facility Large facility Possible Future Demand Low Moderate High $11 $11 $11 8 13 13 -$5...

Short answer problems A manager has developed a payoff table that under two possible states of...

Short answer problems A manager has developed a payoff table that under two possible states of nature. indicates the profits assocdated with a set o Alt S1 S2 10 -2 55) If the manager uses maximin as the decision criterion, which of the alternatives should she choose? Answer: Alt Diff: 2 Page Section Heading: Dedision Making without Probabilities Keywords: maximin eriterion AACSB: Analytical thinking 15) If the manager uses minimax regret as the decision criterion, which of the alternatives would...
Payoff Table (Profits in Thousands) &

Payoff Table (Profits in Thousands) States of Nature Decisions A B C Small Building 600 550 630 Medium Building 410 570 520 Large Building 540 460 575 Show your detail work step by step calculating which decision is best using the Minimax Regret approach. #2) Cost Table (Costs in Thousands) States of Nature Decisions A B Small Order 840 780 Large Order 810 800 Explain which decision is best by showing your detail work step by step using the Expected Value (EV) approach with the State of Nature A having a 65% probability and State of Nature B...
Given the payoff table below, decide the size of the storage to be constructed (EMV calculation)....

Given the payoff table below, decide the size of the storage to be constructed (EMV calculation). What is the expected payoff of this decision? Alternatives Small Storage Medium Storage Large Storage Possible Future Demand P(LOW)=0.10 $8,000 $9,000 -$10,000 Possible Future Possible Future Demand Demand P(MODERATE)=0.30 P(HIGH)=0.60 $10,000 $10,000 $14,000 $15,000 $10,000 $20,000 Build a medium storage, EMV-$14,100 Build a small storage, EMV=$9,800 Build a large storage, EMV-$14,000 Build a medium storage, EMV=$12,667 Build a large storage, EMV=$6,667

non excel solution, please! 6. Suppose that a decision maker faced with four decision alternatives and...

non excel solution, please! 6. Suppose that a decision maker faced with four decision alternatives and four states of natuure develops the following profit payoff table. State of Nature Decision Alternative S3 10 14 d1 10 d2 10 10 d3 13 10 8 d4 If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? ANSWERS: 1. D2 2. a) Al b) A2...

Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as...

Homework Answers

Add Answer to:
Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as...

Post as a guest

Earn Coins