UTECH - DS TUTORIAL WORKSHEET #2 - Decision Analysis(2)

UTECH - DS TUTORIAL WORKSHEET #2 - Decision Analysis(2) -...

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UNIVERSITY OF TECHNOLOGY, JAMAICA FACULTY OF BUSINESS AND MANAGEMENT SCHOOL OF BUSINESS ADMINISTRATION DECISION SCIENCE TUTORIAL WORKSHEET # 2 DECISION ANALYSIS Problem # 1 Suppose that a decision maker faced with four decision  alternatives and four states of nature develops the following  profit payoff table  STATE OF NATURE    DECISION     1 2     3 4 d1 14 9 10 5 d2 11 10 8 7 d3 9 10 10 11 d4 8 10 11 13 If the decision maker knows nothing about the probabilities of the  four states of nature, what is the recommended decision using the  optimistic, pessimistic, and minimax regret and the Laplace  approaches? Problem #2 Maria Rowe is considering the possibility of opening a small dress shop on Fairbanks Avenue, a few blocks from the university. She has located a good mall that attracts students. Her options are to open a small shop, a medium-sized shop, or no shop at all.
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