To be on the safe side, are these the right answers? QUESTION 1 Given is a decis

Question

To be on the safe side, are these the right answers?

QUESTION 1 Given is a decision payoff table and a Sub Decision Payoff Table. Use Minimax Regret as an evaluation criterion to evaluate alternatives Future Demand Alternatives Low Moderate High Small Facility31 Large Facilit Alternatives Medium Facility 20 -10 18 35 31 15 21 35 Worst Regrets Medium Facility? Large Facilit a) The worst regrets for alternative Small Facility is 20 b) The worst regrets for alternative Medium Facility is 14 c) The worst regrets for alternative Large Facility is 41 d) The best course of action or decision by using Minimax Regret is to select medium facility

Explanation / Answer

Regert=Best Payoff-Payoff received

now, coming the the question:

when future
demand is low:

As per above calculatiojns:

a) answer is 20 for small facility

b)the answer is 14 for medium facility

c)the answer is 41 for large facility

d) best alternative is medium facility

alternatives Low Moderate High small facility 31 18 15 medium facility 20 35 21 large facility -10 31 35

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