+1-415-670-9189
info@expertsmind.com
Decision analysis-maximax criterion
Course:- Basic Statistics
Reference No.:- EM1311272




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Basic Statistics

Decision Analysis:

A payoff table (profits) is shown below.

 

States of Nature

Decisions

S1

S2

S3

D1

10

8

6

D2

14

15

2

D3

7

8

9

a. Using the maximax criterion, what decision should be made by the decision maker?

b. Using the maximin criterion, what decision should be made by the decision maker?

c. Using an equal likelihood criterion, what decision should be made by the decision maker?

d. Using minimax regret criterion, what decision should be made by the decision maker?

e. If the probabilities of s1, s2, and s3 are 0.2, 0.4, and 0.4, respectively, what decision should be made by the decision maker?




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Basic Statistics) Materials
The New York Times recently reported that 60% of college entrants into elite public and private colleges in the U.S. have parents that earn over $150,000/yr.
An experiment with three outcomes has been repeated 50 times, and it was learned that E1 occured 20 times, E2 occured 13 times, and E3 occured 17 times.
Engineers want to design seats in commercial aircraft so that they are wide enough to fit 98% of all males. (Accommodating 100% of males would require very wide seats that w
The production of a chemical compound requires a curation period of 5.5 hours +/-.5 hours, a speed of 130 rpm +/- 20 rpm to obtain an acceptable product. If we want to know
In these questions we have to make a decision about the given claim. For example, if the claim is that a coin favors heads and sample results consists of 11 heads in 20 flip
Determine the number of grams of each ingredient that must go into the drug in order to meet the antibiotic requirements at the minimum cost. Formulate a linear programming m
(Weighted Shortest Processing Time First Rule) We want to schedule N tasks, the ith of which requires Ti time units. Let ti denote the time of completion of the ith task, i.
From her firm’s computer telephone log, an executive found that the mean length of 64 telephone calls during July was 4.48 minutes with a standard deviation of 5.87 minutes.