Question: Profit ($M) when future demand is... Low Medium High 10 50 70 -10 44 120 Alternatives X Y z Design HW4 problem 2 0 20

Profit ($M) when future demand is... Low Medium

Profit ($M) when future demand is... Low Medium High 10 50 70 -10 44 120 Alternatives X Y z Design HW4 problem 2 0 20 140 You have 3 design alternatives (alternatives) with several estimated profit amounts (outcomes) based on the level of demand (state of nature). Find the best solution for an optimistic DM b. Find the best solution for a pessimistic DM c. Find the expected payoff for each alternative assuming the likelihood for the states of nature are (0.3, 0.5, 0.2) respectively. Which alternative would best selected? d. The Laplace rule finds the arithmetic average payoff for each alternative and selects the one with the highest average payoff. Which alternative is selected using the Laplace rule? e. Draw the decision tree associated with this payoff table

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