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DATA 353 UMW Decision by Optimistic Decision Maker Using Optimization Models Excel
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A payoff (profit) table is given as
State of Nature
Decision s1 s2 s3
d1 10 8 6
d2 14 15 2
d3 7 8 9
a. What decision should be made by the optimistic decision maker?
b. What decision should be made by the conservative decision maker?
c. What decision should be made under minimax regret? Show the regret table.
d. If the probabilities of s1, s2, and s3 are .2, .3, and .5, respectively, then what decision should be made under expected value. SHOW STEPS IN EXCEL FILE FOR ALL WORK
