$16$

$3$ points

Refer to the tables below. Management has $3$ options for lot sizing in their procurement strategy. Based on the eventual market demands, the profits are given in the Payoff Table. Management needs to convert the Payoff Table into a Loss $($Regret$)$ Table. Determine the value of the table entry with $"???"$ representing the regret of selecting a Small Lot with in High Demand market.

$\backslash$table$[[$PAYOFF TABLE,High Demand,Moderate Demand,Low Demand$],[$Small Lot,$21,50,100],[$Medium Lot,$155,150,-50],[$Large Lot,$226,75,-45],[\backslash$table$[[$Relative$],[$Frequencies$]],$P$1,$P$2,$P$3]]$

$\backslash$table$[[$LOSS TABLE,High Demand,Moderate Demand,Low Demand$],[($Regret$),??,,],[$Small Lot,,,$],[$Medium Lot,,,$],[$Large Lot,,,$],[\backslash$table$[[$Relative$],[$Frequencies$]],$P$1,$P$2,$P$3]]$

Determine the regret in the $???$ entry of the Loss Table $($Small Lot size decision in a High Demand environment$).$

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