The best payoff for small facility

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Reference no: EM131434413

Given is a decision payoff table. Answer all questions below.

Future Demand

Alternatives Low Moderate High

Small Facility 35 28 29

Medium Facility 22 36 26

Large Facility -7 27 35

a) The best payoff for small facility is = ____________

b) The worst payoff for medium facility is =_________________

c) The average payoff for large facility is = (in 2 decimal places) ________________

d) The worst regrets for small facility is = ____________

e) The worst regrests for medium facility is =_______________

f) The best decision by using OPTIMISTIC is to select the facility______________

g) The best decision by using CONSERVATIVE is to select the facility_______________

h) The best decision by using LAPLACE/EQUALITY LIKELY is to select the facility_______________

i) The best decision by using MINIMAX REGRET is to select the facility________________

Reference no: EM131434413

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