Choose the letter of the correct answer on each questions being asked for each case 1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION? D1 D2 D3 D4 2. What decision alternative will he choose if using MAXIMIN CRITERION? D1 D2 D3 D4 3. What about MINIMAX REGRET CRITERION? D1 D2 D3 D4 4. What decision would he make if using criterion of realism at alpha 0.6 is used? D1 D2 D3 D4
Choose the letter of the correct answer on each questions being asked for each case 1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION? D1 D2 D3 D4 2. What decision alternative will he choose if using MAXIMIN CRITERION? D1 D2 D3 D4 3. What about MINIMAX REGRET CRITERION? D1 D2 D3 D4 4. What decision would he make if using criterion of realism at alpha 0.6 is used? D1 D2 D3 D4
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.4: Multiple Regression Models
Problem 12P
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Choose the letter of the correct answer on each questions being asked for each case
1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION?
D1
D2
D3
D4
2. What decision alternative will he choose if using MAXIMIN CRITERION?
D1
D2
D3
D4
3. What about MINIMAX REGRET CRITERION?
D1
D2
D3
D4
4. What decision would he make if using criterion of realism at alpha 0.6 is used?
D1
D2
D3
D4
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