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.

Attachments:

Related Questions

. The fundamental operations of create, read, update, and delete (CRUD) in either Python or Java

CS 340 Milestone One Guidelines and Rubric  Overview: For this assignment, you will implement the fundamental operations of create, read, update,

. Develop a program to emulate a purchase transaction at a retail store. This  program will have two classes, a LineItem class and a Transaction class

Retail Transaction Programming Project  Project Requirements:  Develop a program to emulate a purchase transaction at a retail store. This

. The following program contains five errors. Identify the errors and fix them

7COM1028   Secure Systems Programming   Referral Coursework: Secure

. Accepts the following from a user: Item Name Item Quantity Item Price Allows the user to create a file to store the sales receipt contents

Create a GUI program that:Accepts the following from a user:Item NameItem QuantityItem PriceAllows the user to create a file to store the sales receip

. The final project will encompass developing a web service using a software stack and implementing an industry-standard interface. Regardless of whether you choose to pursue application development goals as a pure developer or as a software engineer

CS 340 Final Project Guidelines and Rubric  Overview The final project will encompass developing a web service using a software stack and impleme