Question 4 A payoff table is given as Decision 53 151 15 7 State of Nature $2 10 15 11 d1 d2 dz TO 18 11 11 a. [1 mark] What decision should be made by the optimistic decision maker? b. [1 mark] What decision should be made by the conservative decision maket? c. [2 marks) What decision should be made under minimax regret? d. [2 marks] If the probabilities of s1, s2, and s3 are 0 4.0 4 and 0.2, respectively, then what decision should be made under expec e [2 marks] What is the EVPI? Question 4 A payoff table is given as Decision 53 151 15 7 State of Nature $2 10 15 11 d1 d2 dz TO 18 11 11 a. [1 mark] What decision should be made by the optimistic decision maker? b. [1 mark] What decision should be made by the conservative decision maket? c. [2 marks) What decision should be made under minimax regret? d. [2 marks] If the probabilities of s1, s2, and s3 are 0 4.0 4 and 0.2, respectively, then what decision should be made under expec e [2 marks] What is the EVPI? Question 5 Science and Arts Exhibution distributes a printed brochure to its visitors. There are about 20700 visitors per year Holding costs Order Size Unit Cost Category 1 0 1600 SAR 2.9 2 SAR 22 1601 - 3000 3 SAR 2.1 3001 and over a [3 marks) What is the lot size for each discount category? b. [3 marks] What is the total cost for each discount category? (1 mark] How many brochures must be printed to be economical? d. [1 mark) How many times should the brochure be printed each year? Vote TC 2DC 0 CH For the toolbar press ALT+F10 (PC) or ALT+FN+F10 (Mac), -CA D C. + DC Question 5 Science and Arts Exhibition distributes a printed brochure to its visitors. There are about 20700 visitors per year Holding costs Order Size Unit Cost Category 1 SAR 2.9 0 1600 1601 - 3000 SAR 22 2 3 SAR 21 3001 and over a. [3 marks) What is the lot size for each discount category? b. [3 marks] What is the total cost for each discount category? [1 mark] How many brochures must be printed to be economical? 4. [1 mark] How many times should the brochure be printed each year? Note: 2DC CH For the toolbar press ALT+F10 (PC) or ALT+FN+F10 (Mac), Q TC -CA D C. + DC