MGT2251_Quiz11_110311 (1)

MGT2251_Quiz11_110311 (1) - A B C 1 20 25 2 5 20 3 30 10 4...

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Last Name, First Name: T-Square ID QUIZ # 11 FORM: C DATE: 11/3/2011 TODAY's QUESTIONs and Your Answers: 1 The following is a payoff table giving profits for various situations. What decision would an optimist make? States of Nature Alternatives A B C 1 120 140 120 2 100 120 180 3 200 100 50 Do Nothing 0 0 0 2 The following is a payoff table giving profits for various situations. What decision would an pessimist make? States of Nature Alternatives A B C 1 120 140 120 2 100 120 180 3 200 100 50 Do Nothing 0 0 0 3 The following is a payoff table giving profits for various situations. What decision should be made based on the minimax regret criterion? States of Nature Alternatives
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Unformatted text preview: A B C 1 20 25 2 5 20 3 30 10 4 The following is a payoff table giving profits for various situations. What decision should be made based on the expected value criterion? States of Nature Alternatives A B C 1 100 120 180 2 120 140 120 3 200 100 50 Do Nothing Probabilities 0.20 0.30 0.50 5 The following is a payoff table giving profits for various situations. What is the EVwPI (expected value with perfect information)? States of Nature Alternatives A B C 1 120 140 120 2 200 100 50 3 100 120 180 Do Nothing Probabilities 0.20 0.30 0.50...
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This note was uploaded on 01/30/2012 for the course MGT 2251 taught by Professor Chang during the Fall '08 term at Georgia Institute of Technology.

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