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Decision Analysis (Ch 14).problem1

# Decision Analysis (Ch 14).problem1 - PAYOFF TABLE Decision...

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Conservative approach PAYOFF TABLE Decision State of nature Minimum Recommended decision alternative s1 s2 s3 payoff d1 4 4 -2 -2 d2 0 3 -1 -1 d2 d3 1 5 -3 -3 best payoff -1

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Optimistic approach PAYOFF TABLE Decision State of nature Minimum Recommended decision alternative s1 s2 s3 payoff d1 4 4 -2 4 d2 0 3 -1 3 d3 1 5 -1 5 d3 best payoff 5
Minimax regret approach
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Unformatted text preview: PAYOFF TABLE Decision State of nature alternative s1 s2 s3 d1 4 4-2 d2 3-1 d3 1 5-3 OPPORTUNITY LOSS TABLE Decision State of nature Maximum Recommended alternative s1 s2 s3 regret decision d1 1 1 1 d1 d2 4 2 4 d3 3 2 3 Minimax regret value 1...
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