Unformatted text preview: b) For this payoff table find Jim's optimal decision using: (1) the conservative approach, (2) minimax regret approach, (3) optimistic approach c) Suppose that during the past year the following is Jim's distribution of home sales. If one assumes that this is a typical distribution of Jim's monthly sales, which salary should Jim select? Home sales Number of months 1 1 2 2 3 1 4 2 5 1 6 3 7 2 d) What is the EVPI (expected value of perfect information)?...
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- Fall '08
- Sales, Jim, Minimax, payoff table, Gold Key, monthly salary payoff