Assume that the payoff table provides cost rather than profit payoffs. What isthe recommended decision using:i. the optimistic approachii. the conservative approachiii. the minimax regret approachiv. the Laplace method 5. Suppose that a decision maker faced with four decision alternatives and four states ofnature develops the following profit payoff table:State of NatureDecision AlternativeS4didzdzd4141051110101011101113

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Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Assume that the payoff table provides cost rather than profit payoffs. What is
the recommended decision using:
i. the optimistic approach
ii. the conservative approach
iii. the minimax regret approach
iv. the Laplace method

5. Suppose that a decision maker faced with four decision alternatives and four states of
nature develops the following profit payoff table:
State of Nature
Decision Alternative
S4
di
dz
dz
d4
14
10
5
11
10
10
10
11
10
11
13

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