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tables below. Management has 3 options for lot sizing in their procurement strategy. Based on the eventual market demands, the profits are given in the
tables below. Management has 3 options for lot sizing in their procurement strategy. Based on the eventual market demands, the profits are given in the Payoff Table. Management needs to convert the Payoff Table into a Loss (Regret) Table. Determine the value of the table entry with "???" representing the regret of selecting a Small Lot with in High Demand market. PAYOFF TABLE High Demand Moderate Demand Low Demand Small Lot 27 50 100 Medium Lot 171 150 -50 Large Lot 237 75 -45 Relateive Frequencies P1 P2 P3 LOSS TABLE (Regret) High Demand Moderate Demand Low Demand Small Lot ??? Medium Lot Large Lot Relateive Frequencies P1 P2 P3 Determine the regret in the ??? entry of the Loss Table (Small Lot size decision in a High Demand environme
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