Find optimal decision using payoff matrix and regret matrix

Assignment Help Basic Statistics

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

Questions Cloud

What is the mass of the skier : A water skier is pulled by a net force of 135 N and has an acceleration of 1.8 m/s2. What is the mass of the skier.

Find probability from stem and leaf plot : Probability from stem and leaf plot, The ages of 25 employees in a company are listed below in a stem and leaf plot. What is the probability that a worker chosen at random

Provide the driving force for the synthesis of atp : The role of O2 in electron transport In mitochondrial electron transport, what is the direct role of O2? a)to provide the driving force for the synthesis of ATP from ADP and Pi b)to function as the final electron acceptor in the electron transport..

Computing factoring and trinomials : What is factoring by group? When do you factor a trinominal and why is it necessary to write the trinominal in four terms?

Find optimal decision using payoff matrix and regret matrix : "Use the data in the following payoff matrix and regret matrix to answer the following questions. What is the optimal decision regarding at which location(s) to purchase property using the MAXIMIN decision rule?

Which is needed for the first three stages of cellular : Under anaerobic conditions (a lack of oxygen), the conversion of pyruvate to acetyl CoA stops. Which of these statements is the correct explanation for this observation?

Probability that a house in urban area will be burglarized : The probability that a house in an urban area will be burglarized is 5%. If 50 houses are randomly selected, what is the probability that one of the houses will be burglarized?

Is ball on its way-up or down when the ball strikes the wall : Jason is practicing his tennis stroke by hitting balls against a wall. The ball leaves his racquet at a height of 60 cm above the ground at an angle of 80' with respect to the vertical. Is ball on its way-up or down when the ball strikes the wall?

Direction of inequality symbol : When solving an inequality, when is it necessary to change the direction of the inequality symbol?

User Account

All Pages