QUESTION 1 Given is a decision payoff table and a Sub Decision Payoff Table. Use

Question

QUESTION 1 Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluation criterion to evaluate alternatives. Future Demand Alternatives Low Moderate High Small Facility 20 16 12 12 20 Medium Facility 8 Large Facility 9 Alternatives Worst Regrets Small Faclity? Medium Facility? Large Facility a) The worst regrets for alternative Small Facility is b) The worst regrets for alternative Medium Facility is c) The worst regrets for alternative Large Facility is d) The best course of action or decision by using Minimax Regret is to select facility

Explanation / Answer

In minimax regret apply to minimises the maximum regret.

a- 20 Low demand

b-16 Moderate demand

c-20 high demand

d-In this approach we generally select that which has minimum of these maximum regret. Medium facility satisfy this condition.

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