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 regrets for alternative Large Facility is
d) The best course of action or decision by using Minimax Regret is to select facility
Homework Answers
a) The worst regrets for alternative Small Facility is 9
b) The worst regrets for alternative Medium Facility is 8
c) The worst regrets for alternative Large Facility is 14
d) The best course of action or decision by using Minimax Regret is
to select facility Medium
Medium has the minimum of the worst regrets
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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...
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...
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,...
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...
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
please help!! im so confused will give good rating! (6) A manager is deciding whether or...
please help!! im so confused
will give good rating!
(6) A manager is deciding whether or not to build a small facility. Demand is uncertain and can be either at a high or low level. If the manager chooses a small facility and demand is low, the payoff is $360. If the manager chooses a small facility and demand is high, the payoff is $100. On the other hand, if the manager chooses a large facility and demand is low,...
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...
3.2) The following payoff table provides profits based on various possible decision alternatives and various levels...
3.2) The following payoff table provides profits based on various possible decision alternatives and various levels of demand. States of Nature Demand Alternatives Alternative 1 Alternative 2 Alternative 3 Low Medium High 75 90 50 120 90 70 140 90 120 The probability of a low demand is 0.4, while the probability of a medium demand is 0.4 and high demand is 0.2 (a) What decision would an optimist make? (b) What decision would a pessimist make? (c) What is...
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...
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. 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...
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...
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
please help!! im so confused
will give good rating!
(6) A manager is deciding whether or not to build a small facility. Demand is uncertain and can be either at a high or low level. If the manager chooses a small facility and demand is low, the payoff is $360. If the manager chooses a small facility and demand is high, the payoff is $100. On the other hand, if the manager chooses a large facility and demand is low,...
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...
3.2) The following payoff table provides profits based on various possible decision alternatives and various levels of demand. States of Nature Demand Alternatives Alternative 1 Alternative 2 Alternative 3 Low Medium High 75 90 50 120 90 70 140 90 120 The probability of a low demand is 0.4, while the probability of a medium demand is 0.4 and high demand is 0.2 (a) What decision would an optimist make? (b) What decision would a pessimist make? (c) What is...
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...
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