Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Re

Question

Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluatio to evaluate alternatives. Future Demand Worst Regrets Alternatives Small Facility Medium Facility Low Moderate 170 160 -40 180 200 210 High 200 220 310 Alternatives Small Facilit Medium Facili Large Facility aci a) The worst regrets for alternative Small Facility is b) The worst regrets for alternative Medium Facility is c) The worst regrets for alternative Large Facility is[ facility d) The best course of action or decision by using Minimax Regret is to select

Explanation / Answer

Answer:Basically Minimax regret determines the worst regret for each alternative, and then we have to choose the alternative with the “best worst”.

Alternatives Worst Regrets Small Facility 200 Medium Facility 220 Large Facility 310 a The worst regrets for alternative small facility is 200 b The worst regrets for alternative medium facility is 220 c The worst regrets for alternative large facility is 310 d The best course of action or decision by using Minimax regret is to select Medium Facility

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