Develop a decision table from the production table

Reference no: EM132752953

Question: 1. GBA 334 graduates developed the following production table;

Neither 0. 0. 0

Product A. 1200. 1850. 1700

Product B. 1600 1650 1400

Both A & B 1400. 1950 900

Based on historical data, the market conditions' probabilities are: strong market 45%; fair market 35%; and low market 20%.

(a) Develop a decision table from the production table.

(b) What is the MaxiMax decision?

(d) What is the equally likely decision?

(e) What is the criterion of realism decision? Use α = 0.8.

(f) What is the MiniMax regret decision?

(g) What is the EVwPI, BEV, and the EVPI?

(h) What is the decision formula for each outcome

Reference no: EM132752953

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