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Differentiate between order qualifiers and order winners

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Reference no: EM132630121

a) Vogel's approximation model (also called VAM), is based on the concept of penalty cost or regret. Explain what is penalty / regret in VAM.

b) Which of the two criterions is more optimistic and why? Maximin vs Minimax regret?

c) Differentiate between order qualifiers and order winners for a company. Give an example to support your answer.

Reference no: EM132630121

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