The director of career advising at Orange Community College wants to use decision analysis to provide...

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The director of career advising at Orange Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and successful degree programs at OCC that shows the estimated 5-Year gross income ($) from each degree for four future economic conditions: Economic Conditions Degree Program Recession Average Good Robust Graphic design 150,000 175,000 220,000 200,000 Nursing 160,000 180,000 205,000 215,000 Real estate 125,000 165,000 220,000 210,000 Medical technology 135,000 180,000 210,000 270,000 Culinary technology 110,000 145,000 235,000 205,000 Computer information 130,000 150,000 190,000 245,000 technology Determine the best degree program in terms of projected income, using the following decision criteria: a. Maximax b. Maximin c. Equal likelihood d. Hurwicz (a=0.4) Economic Conditions Summary Degree Program Graphic design Nursing Real estate Maximum Minimum 220.000 150.000 Recession Robust Average 175,000 Good Decision a) maximax b) maximin 150,000 220,000 200,000 Real estate 160,000 180,000 205,000 215,000 215,000 160,000 Nursing c) equal likelihood d) Hurwicz (alpha = 0.5) 125,000 165,000 220,000 210,000 220,000 125,000 Real estate Medical technology 135,000 180,000 210,000 270,000 270,000 135,000 Real estate Culinary technology 145,000 235,000 235,000 110.000 110,000 205,000 Computer information 130,000 150,000 190,000 245,000 245,000 130.000 Maximax decision = Maximin decision = Regret Table Economic Conditions Degree Program Graphic design Recession Average Good Robust MAX MIN 10,000 5,000 15,000 70,000 Nursing 30,000 55,000 Real estate 35,000 15,000 15,000 60,000 Medical technology Culinary technology 25,000 25,000 0. 50,000 35,000 65,000 Computer information 30,000 30,000 45,000 25,000 technology Decision: Maximax Equal Likelihood Graphic design Nursing Decision: Maximin $186,250 $190,000 $180,000 $198,750 $173,750 Real estate Medical technology Culinary technology Computer information technology $178,750 Decision: Hurwicz alpha = 1- alpha = Graphic design 0.4 0.6 $178,000 $182,000 $163,000 $189,000 Nursing Real estate Medical technology Culinary technology $160,000 Computer information technology $176,000 Decision: The director of career advising at Orange Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and successful degree programs at OCC that shows the estimated 5-Year gross income ($) from each degree for four future economic conditions: Economic Conditions Degree Program Recession Average Good Robust Graphic design 150,000 175,000 220,000 200,000 Nursing 160,000 180,000 205,000 215,000 Real estate 125,000 165,000 220,000 210,000 Medical technology 135,000 180,000 210,000 270,000 Culinary technology 110,000 145,000 235,000 205,000 Computer information 130,000 150,000 190,000 245,000 technology Determine the best degree program in terms of projected income, using the following decision criteria: a. Maximax b. Maximin c. Equal likelihood d. Hurwicz (a=0.4) Economic Conditions Summary Degree Program Graphic design Nursing Real estate Maximum Minimum 220.000 150.000 Recession Robust Average 175,000 Good Decision a) maximax b) maximin 150,000 220,000 200,000 Real estate 160,000 180,000 205,000 215,000 215,000 160,000 Nursing c) equal likelihood d) Hurwicz (alpha = 0.5) 125,000 165,000 220,000 210,000 220,000 125,000 Real estate Medical technology 135,000 180,000 210,000 270,000 270,000 135,000 Real estate Culinary technology 145,000 235,000 235,000 110.000 110,000 205,000 Computer information 130,000 150,000 190,000 245,000 245,000 130.000 Maximax decision = Maximin decision = Regret Table Economic Conditions Degree Program Graphic design Recession Average Good Robust MAX MIN 10,000 5,000 15,000 70,000 Nursing 30,000 55,000 Real estate 35,000 15,000 15,000 60,000 Medical technology Culinary technology 25,000 25,000 0. 50,000 35,000 65,000 Computer information 30,000 30,000 45,000 25,000 technology Decision: Maximax Equal Likelihood Graphic design Nursing Decision: Maximin $186,250 $190,000 $180,000 $198,750 $173,750 Real estate Medical technology Culinary technology Computer information technology $178,750 Decision: Hurwicz alpha = 1- alpha = Graphic design 0.4 0.6 $178,000 $182,000 $163,000 $189,000 Nursing Real estate Medical technology Culinary technology $160,000 Computer information technology $176,000 Decision: