Find optimal decision using payoff matrix and regret matrix

Reference no: EM13119535

"Use the data in the following payoff matrix and regret matrix to answer the following questions. Note: The data in the following payoff and regret matrices is in no way related to the data associated with Part I of this assignment.

Payoff Matrix

States of Nature
Alternatives 1 (Favors A) 2 (Favors B) 3 (Favors Neither A nor B)
A $88 ($5) ($5)
B ($8) $156 ($8)
A and B $80 $151 ($13)
Neither A nor B $0 $0 $0

Regret Matrix

States of Nature
Alternatives 1 (Favors A) 2 (Favors B) 3 (Favors Neither A nor B)
A $0.0 $160.5 $5.0
B $95.0 $0.0 $7.5
A and B $7.5 $5.0 $12.5
Neither A nor B $87.5 $155.5 $0.0

What is the optimal decision regarding at which location(s) to purchase property using the MAXIMIN decision rule?

Reference no: EM13119535

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