OM$-$HW ASSIGNMENT: DECISION MAKING TOOLS $(15$ pts$.)$

Note: You are expected to complete this HW assignment through the CANVAS to earn a credit.

Name:

Based on the following information:

State of Nature

$\_\_\_01.$ The choice for the MINIMAX criterion would be $(3$pts$)$:

$\_\_\_02.$ The choice for the MAXIMIN criterion would be $(2$ pts$.)$:

a$.$ Small

b$.$ Medium

c$.$ Large

d$.$ High

e$.$ Low

$\_\_03.$ If P $($High$=0\mathrm{.}3$; Moderate $=0\mathrm{.}5$; Low $=0\mathrm{.}2),$ the choice for the maximum expected value $($EMV$)$ criterion

would be $(3$ pts$)$:

$\_\_\_04.$ The value of EPPI $($or EVwPI$)$ would be $(4$pts$.)$:

$\_\_\_05.$ The value of EVPI would be $(3$ pts$.)$: