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ABC Corp. manufactures high-end headsets for computer gamers. Considering the 2022 economy, ABC Corp. plans to introduce only one new headset model for its 2020 market. The economy is reported to be 35%, 22%, 43% for being weak, normal, strong, respectively. There are four headset proposals, named Jungle, King, Leo, and Musk, to be considered as the final chosen new headset model for 2022 production. The payoff depending upon the 2022 economy can be found in this table.

Headset Economy
Proposal Weak Normal Strong
Jungle $220,000 $235,000 $245,000
King $150,000 $330,000 $350,000
Leo ($200,000)    ($150,000) $610,000
Musk ($115,000) $ 50,000 $475,000

Q1.  Use the conservative approach and report your recommended decision.

Q2. Create a regret table for ABC Corp. and report your recommended decision based upon the minimax regret approach.

Q3. Compared the expected values of the four headset proposals and report your recommended decision based upon the expected value outcomes.

Q4. A gaming industry specialist can offer perfect information service to help ABC Corp. make decisions. What would be the highest price ABC Corp. is willing to pay for the perfect information service offered by this specialist?

Reference no: EM132951201

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Information service offered by specialist : ABC Corp. manufactures high-end headsets for computer gamers. Considering the 2022 economy, ABC Corp. plans to introduce only one new headset model for its 2020
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