Using the following table, perform ALL FIVE of the techniques for decision-making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace, and Minimax Regret. Show the work on an Excel File. PROFIT ($) STRONG MARKET FAIR MARKET POOR MARKET Large facility 550,000 110,000 -310,000 Medium-sized facility 300,000 129,000 -100,000 Small facility 200,000 100,000 -32,000 No facility 0 0 0
Using the following table, perform ALL FIVE of the techniques for decision-making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace, and Minimax Regret. Show the work on an Excel File. PROFIT ($) STRONG MARKET FAIR MARKET POOR MARKET Large facility 550,000 110,000 -310,000 Medium-sized facility 300,000 129,000 -100,000 Small facility 200,000 100,000 -32,000 No facility 0 0 0
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter9: Decision Making Under Uncertainty
Section: Chapter Questions
Problem 76P
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2. Using the following table, perform ALL FIVE of the techniques for decision-making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace, and Minimax Regret. Show the work on an Excel File.
|
|
PROFIT ($) |
||
|
|
STRONG MARKET |
FAIR MARKET |
POOR MARKET |
|
Large facility |
550,000 |
110,000 |
-310,000 |
|
Medium-sized facility |
300,000 |
129,000 |
-100,000 |
|
Small facility |
200,000 |
100,000 |
-32,000 |
|
No facility |
0 |
0 |
0 |
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