Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

26

21

18

Medium Facility

18

31

22

Large Facility

-7

30

42

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 selec____facility

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business and Administrative Communication

Authors: Kitty o. locker, Donna s. kienzler

10th edition

77830105, 978-0077830106, 978-0073403182

More Books

Students also viewed these General Management questions