Determine which decision alternatives business should adopt

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Abusiness has three criteria. The condition payoffs for each event are:

State of nature

Condition payoffs

                             A                 B                   C                    D

Decision X                8                 0              -10             6

Alternatives Y           -4                12               18           -2

Z                            14                    6                0             8

Problem 1: Determine which decision alternatives the business should adopt the

1. maximin criterion

2. maximax criterion

3. hurwiez criterion his degree of optimism being 0.7

4. lapse criterion

5. minimax regret criterion

Reference no: EM132614558

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