Use your psychological orientation to make decision

Assignment Help Operation Management

Reference no: EM131272071

Uncertainty Uncertainty is when the outcomes are not certain and you are unable to estimate probabilities, but you use your psychological orientation to make decision. If you are optimistic you would make a “maximax” choice. If you are generally a pessimist, you would make a “maximin” choice. You also can make a choice that minimizes your maximum “regret” or make a minimax choice. Use the following information and determine what would be your three choices based on the three psychological orientations (maximax, maximin, and minimax). Show all work. Payoff Table Response: R1 R2 R3 Strategy: S1 22 12 11 S2 20 15 15 S3 14 16 25 S4 19 21 26 Maximax: Optimistic ANSWER: Response: R1 R2 R3 Strategy: S1 S2 S3 S4 Maximin: Pessimistic ANSWER: Response: R1 R2 R3 Strategy: S1 S2 S3 S4 Minimax: Regret Matrix ANSWER: Response: R1 R2 R3 Strategy: S1 S2 S3 S4 Response: R1 R2 R3 Strategy: S1 S2 S3 S4

Reference no: EM131272071

Questions Cloud

Moral judgment on reasoning similar to case law : Which ethical lens bases its approach to moral judgment on reasoning similar to case law? What is the system of laws involving the obligations citizens claim on one another?

Advertising ethics according to which author : Judgments of blameworthiness, culpability, fault, and negligence are types of ___________? Advocacy, accuracy, and acquisitiveness are the three main problem areas for advertising ethics according to which author?

Violation of the pregnancy discrimination act : On August 11, 1980, Shelby Memorial Hospital hired Sylvia Hayes, a certified X-ray technician, to work the 3–11 p.m. shift in the hospital’s radiology department. Two months later, she was fired after she informed her supervisor that she was pregnant..

Common values and beliefs passed down through tradition : Which ethical theory holds that what is right and good is based on common values and beliefs passed down through tradition?

Use your psychological orientation to make decision : Uncertainty Uncertainty is when the outcomes are not certain and you are unable to estimate probabilities, but you use your psychological orientation to make decision. If you are optimistic you would make a “maximax” choice. If you are generally a pe..

Social media sites like stuffdot are often classified : Social media sites like StuffDOT are often classified based on two factors; self-disclosure and ________, which is the degree of acoustic, visual, and personal contact between two communication partners. As consumers Dot and comment on items that the..

Understanding advertising commercial poetry frees : Understanding advertising as “commercial poetry” frees advertisers from the need for truth in advertising according to whom?

Phase of the strategic marketing process : Through marketing research, General Mills discovered that extending the black bowl beyond the package’s edge better communicated the product’s convenience. This change in packaging is an element of Warm Delights’ ____________. The launch of a new con..

Marketing mix expenditures to its warm delights product : Required information Using the _______ General Mills discovered market opportunities, identified potential target markets, and allocated marketing mix expenditures to its Warm Delights product.

User Account

All Pages