Question: Please help with D. Equal Likelihood and show formula in excel. Note: Average function is not used for Equal Likelihood Using the information provided, determine
Please help with D. Equal Likelihood and show formula in excel.
Note: Average function is not used for Equal Likelihood
Using the information provided, determine the best decision using the following decision criteria. (Note that since the payoff is cost, the maximax criterion becomes minimin and maximin becomes minimax.) a. Minimin b. Minimax c. Hurwicz ( = .40) d. Equal likelihood Telecomp is a U.S.-based manufacturer of cellular telephones. It is planning to build a new manufacturing and distribution facility in either South Korea, China, Taiwan, Poland, or Mexico. The cost of the facility will differ between countries and will even vary within countries depending on the economic and political climate, including monetary exchange rates. The company has estimated the facility cost (in $ millions) in each country under three different future economic/political climates as follows: Economic/Political Climate Country Decline Same Improve South Korea 21.7 19.1 15.2 China 19.0 18.5 17.6 Taiwan 19.2 17.1 14.9 Poland 22.5 16.8 13.8 Mexico 25.0 21.2 12.5
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
