Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 03 Apr 2018 My Price 7.00

profit payoff table

The following profit payoff table was presented in Problem 1.

The probabilities for the states of nature are P(s1) 5 0.65, P(s2) 5 0.15, and P(s3) 5 0.20. a. What is the optimal decision strategy if perfect information were available?

b. What is the expected value for the decision strategy developed in part a?

c. Using the expected value approach, what is the recommended decision without perfect information? What is its expected value?

d. What is the expected value of perfect information?

Problem 1

The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature:

a. Construct a decision tree for this problem.

b. If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Apr 2018 08:04 PM My Price 7.00

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