Question: Engineering economics 4. Consider the following problem with five decision alternatives and five states of nature with the following payoff table representing sales: LEVEL OF

Engineering economics

and five states of nature with the following payoff table representing sales:

4. Consider the following problem with five decision alternatives and five states of nature with the following payoff table representing sales: LEVEL OF SALES ACTION EVENT S1 $2 Rs 500 RS 500 Rs 500 Rs 500 Rs 500 A2 200 550 550 550 550 A3 - 100 250 600 600 600 - 400 50 300 650 650 As - 700 - 350 0 350 700 Solve using minimax regret criterion

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3. How much information do we need to collect?

2. What types of information are we collecting?

5. How quickly can we manage to collect the information?