Which design would choose using maximax rule

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Reference no: EM13226812

Consider the following matrix of expected profits (in units of $1K) versus potential

future material price scenarios (P1 - P5), for five different designs (D1 - D5):

P1 P2 P3 P4 P5

D1 10 20 30 40 50

D2 20 25 25 30 35

D3 50 40 5 15 20

D4 40 35 30 25 25

D5 10 20 25 30 20

a) Which design would you choose using maximin rule?

b) Which design would you choose using maximax rule?

c) Graph the Hurwicz rule versus ? Can you eliminate any choices? Which one would you choose for f = 0.2?

Reference no: EM13226812

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