Refer to the following payoff table in which D1 through D4 represent decisions,
ID: 3840461 • Letter: R
Question
Refer to the following payoff table in which D1 through D4 represent decisions, S1 through S4 represent states of nature, and the values in the cells represent profits. The optimal decision under the maximax criterion is:
S1
S2
S3
S4
D1
-20
40
60
100
D2
30
120
60
-50
D3
30
30
40
40
D4
10
-60
80
70
Select one:
a. D1
b. D2
c. D3
d. D4
Question text
In the payoff table from the previous question, what is the optimal decision under the maximin criterion?
Select one:
a. D1
b. D2
c. D3
d. D4
Question text
In the analysis of a typical decision analysis problem such as the two problems above, all but one of the following can be achieved. Which of the following cannot be achieved?
Select one:
a. Analyze the problem logically
b. Incorporate uncertainty in decision making
c. Help make the best decision
d. Help ensure the best state of nature happens
S1
S2
S3
S4
D1
-20
40
60
100
D2
30
120
60
-50
D3
30
30
40
40
D4
10
-60
80
70
Explanation / Answer
a.Answer:D1
c.Answer:D3
It is the optimal decision under maxmin criterion
d.Answer:Help ensure the best state of nature happens
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