What is the criterion of realism decision

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GBA 334 graduates developed the following production table;

Neither 0. 0. 0

Product A. 1200. 1850. 1700

Product B. 1600 1650 1400

Both A & B 1400. 1950 900

Based on historical data, the market conditions' probabilities are: strong market 45%; fair market 35%; and low market 20%.

Problem (a) Develop a decision table from the production table.

Problem (b) What is the MaxiMax decision?

Problem (c) What is the MaxiMin decision?

Problem (d) What is the equally likely decision?

Problem (e) What is the criterion of realism decision? Use α = 0.8.

Problem (f) What is the MiniMax regret decision?

Problem (g) What is the EVwPI, BEV, and the EVPI?

Problem (h) What is the decision formula for each outcome

Reference no: EM132741275

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