Decision tables are not just based on profits or losses. Suppose you are planning your wedding day and you are trying to decide whether to have your reception indoors, outdoors, or outdoors under a tent. The weather that day can either be sunny, cloudy, or rainy. The following decision table represents on a scale of 1– 10 your level of satisfaction for each location and state of nature.
Choose the best location for your wedding using the following criterion:
a. Maximax
b. Maximin
c. Equally likely
d. Minimax regret
e. Hurwicz using α = 0.8

  • CreatedJuly 29, 2015
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