Use the decision table given here to complete parts (a) through (d). a. Use the maximax criterion

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Use the decision table given here to complete parts (a) through (d).imagea. Use the maximax criterion to determine which decision alternative to select.b. Use the maximin criterion to determine which decision alternative to select.c. Use the Hurwicz criterion to determine which decision alternative to select. Let α = 0.3 and then let α = 0.8 and compare the results.d. Compute an opportunity loss table from the data. Use this table and a minimax regret criterion to determine which decision alternative to select.

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Business Statistics For Contemporary Decision Making

ISBN: 9781119577621

3rd Canadian Edition

Authors: Ken Black, Ignacio Castillo

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