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IE383_Assignment2_sol

# IE383_Assignment2_sol - IE 383 Assignment 2 solution Some...

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IE 383 Assignment 2 solution Some steps are omitted, but you should show your steps in your homework solutions. Problem 1 All values are in thousand. Pay attention they represent costs NOT profits and it is to be observed that Approach B is always dominated by Approach C and Approach D is always dominated by Approach A. So we only need to consider Approach A and C. But in the following the results for all approaches are shown. Good season Normal season Bad season Min Max Approach A 100 130 145 100 145 Approach B 190 150 140 140 190 Approach C 130 145 130 130 145 Approach D 130 130 160 130 160 Max 190 150 160 Min 100 130 130 1) Optimistic (assume the most favorable status of nature for EACH alternative will occur, see Min column) Min Approach A 100 Approach B 140 Approach C 130 Approach D 130 Approach A 2) Pessimistic (assume the least favorable status of nature for EACH alternative will occur, see Max column) Max Approach A 145 Approach B 190 Approach C 145 Approach D 160 Approach A or C

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3) Hurwicz (based on the optimistic and pessimistic method, Hurwicz
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IE383_Assignment2_sol - IE 383 Assignment 2 solution Some...

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