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Using the payoff table below select the best decision option using each of the following decision criteria

INSTRUCTIONS TO CANDIDATES
ANSWER ALL QUESTIONS

1.    Using the payoff table below select the best decision option using each of the following decision criteria (use tables as necessary to present your approach):

 

 

Decision Alternatives

States of Nature

S1

S2

S3

S4

Decision 1

3,500

2,000

2,000

- 3,000

Decision 2

10,000

3,000

3,500

-6,000

Decision 3

8,000

4,000

2,000

-3,500

Probability

of each state of nature

 

0.1

 

0.3

 

0.4

 

0.2

 

 

 

a)  maximin decision criterion

b)  Savage criterion ( minimax regret)

c) Expected Monetary Value criterion

 

 

 

2.    In your own words provide a comparative critical evaluation of these three decision criteria in no more than 300 words.

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