Question: Please ans all and make it clear what goes on what box. Thank you The following payoff table shows profit for a decision analysis problem


Please ans all and make it clear what goes on what box. Thank you
The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Nature Decision Alternative s S, S 190 150 25 di d2 240 150 25 a. Choose the correct decision tree for this problem. (0) (ii) 190 51 190 240 31 51 150 d1 150 du .52 25 33 240 150 si 150 2 25 d2 32 53 83 25 (iii) (iv) 190 5] 190 150 240 150 di 51 dj 25 33 ISO 150 25 52 di 2 31 83 25 25 33 b. If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Optimistic approach Conservative approach Minimax regret approach C. Choose the correct decision tree for this problem. (0) (ii) 200 Low 200 240 Medium 50 Low Small Small Low 240 Medium 260 High Large 220 Medium 260 High 220 Medium Large Low 50 450 450 High High (iii) (iv) 200 Small Low 50 200 Large Low 240 Small Small Medium 220 Large 240 Medium 260 High 50 Low 220 Medium 450 High 260 Small Large High 450 Large d. Recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches. Optimistic approach Conservative approach Minimax regret approach The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature: State of Nature Decision Alternative s S, S 190 150 25 di d2 240 150 25 a. Choose the correct decision tree for this problem. (0) (ii) 190 51 190 240 31 51 150 d1 150 du .52 25 33 240 150 si 150 2 25 d2 32 53 83 25 (iii) (iv) 190 5] 190 150 240 150 di 51 dj 25 33 ISO 150 25 52 di 2 31 83 25 25 33 b. If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative, and minimax regret approaches? Optimistic approach Conservative approach Minimax regret approach C. Choose the correct decision tree for this problem. (0) (ii) 200 Low 200 240 Medium 50 Low Small Small Low 240 Medium 260 High Large 220 Medium 260 High 220 Medium Large Low 50 450 450 High High (iii) (iv) 200 Small Low 50 200 Large Low 240 Small Small Medium 220 Large 240 Medium 260 High 50 Low 220 Medium 450 High 260 Small Large High 450 Large d. Recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches. Optimistic approach Conservative approach Minimax regret approach
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
