Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as...

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Question

Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as...

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

8

9

11

Medium Facility

6

11

12

Large Facility

-6

10

20



Alternatives

Worst Regrets

Small Facility

?

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

business Operations-Management

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Answer 1

Answer #1

a) The worst regrets for alternative Small Facility is 9

b) The worst regrets for alternative Medium Facility is 8

c) The worst regrets for alternative Large Facility is 14

d) The best course of action or decision by using Minimax Regret is to select  facility Medium

Medium has the minimum of the worst regrets

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Answer 2

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