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Walmart must decide the size of a particular product's order size for its stores. Based on prices, sales, and inventory costs, Walmart has built the
Walmart must decide the size of a particular product's order size for its stores. Based on prices, sales, and inventory costs, Walmart has built the following payoff table, in thousands. Demand ORDER SIZE LOW MEDIUM LARGE Small 12 15 15 Moderate 9 25 35 Large 6 35 60 A. What decision (order size) should be made by the optimistic approach? B. What decision should be made by the conservative approach? C. What decision should be made using the minimax regret approach? (Include a formal Regret Table and the minimax regret value considered to make the decision)
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