QUESTION SIXConsider the following payoff table.STATE OF NATURES₁S₂S3S₁S5 SoD₁769111012D₂87127610D₂121068912Decision AlternativeD₂714116711D₂568101113D₂9121298If the decision maker is facing conditions of uncertainly, what decision would be made using?(a) Laplace criterion?(b) Maximin criterion?(c) Maximax criterion?(d) Savage criterion?(e) Hurwicz criterion? Use = 0.6.N

Mathematic models of decision-making help businesses take the correct decision for their operational…

Answered: (a) Laplace criterion? (b) Maximin…

Practical Management Science

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• Rajah is the Unilever’s local jewel in the curry powder category in South Africa. A brand under the Robertson’s banner.• Rajah is market leader in curry powders with dominant market share.• Key passport factors are colour, aroma and delicious taste to any meal and Rajah is the essential 1. We distinguish between three types of decision making; real and impulse and habitual decision making. Identify the type of decision Rajah would fall into and substantiate your answer.
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Wired & Plugged specializes in manufacturing modern electronic components. It also builds equipment that produces the components. The marketing and production directors advised the president about a proposed manufacturing facility in the form of a payoff table as shown. Decision Profits($) Strong Marked Fair Market Poor Market Large-sized facility Medium-sized facility Small- sized facility No facility 450,000 2500,000 350,000 0 220,000 150,000 150,000 0 -310,000 -250,000 -80,000 0 What decision should be made using the LaPlace criterion?
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When the primary selection criteria a firm uses to decide whether or not to enter a new market segment centers around not having to develop a whole new set of products to meet the needs of that new segment, the firm would be referring to: Compatibility with the firms existing product A line. The ability of the new segment to afford its В product. The anticipated growth potential of the new segment The potential responsiveness of the the new D segment.
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Use sensitivity analysis to determine which decision is the best when the probability of S1 is 31%, 67%, and 81%. OC, D. A OD, B. C B, C, D B, D, C OA, B, D Decision s1 15 17 19 22 A B States of Nature (1-P) C D s2 -8 ܘ -2 -9

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(a) Laplace criterion? (b) Maximin criterion? (c) Maximax criterion?