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please help me with this question and write it clear thanks!!! and make sure correct thanks!! Manager of HKU canteen is faced with the following
please help me with this question and write it clear thanks!!! and make sure correct thanks!! Manager of HKU canteen is faced with the following pay-off table. He has to choose how many sandwiches to make in advance each day before he knows the actual demand. His choice is between 60, 70, 80 and 90 sandwiches. The actual demand can also vary between 60, 70, 80 and 90 as shown in the table. The table then shows the profit or loss - for example, if he chooses to make 80 but demand is only 60, then he will make a loss of $60. Please apply different rules of decision making and select the best sandwich daily supply amount. (a) MaxiMax rule (b) MaxiMin rule (c) Hurwicz alpha rule with alpha value of 0.6 (d) MiniMax regret rule Actual demand Sandwich daily supply 50 60 60 70 60 $90 $0 -$60 -$150 70 $70 -$50 80 $80 $110 $120 $110 $10 $100 $130 $50 90 $100 $150 (1) MaxiMax (ii) MaxiMin (iii) Alpha=0.6 (iv) MiniMax regret
please help me with this question and write it clear thanks!!! and make sure correct thanks!!
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