Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Transcribed Image Text:Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following
payoff table, in thousands.
Order size
1 lot
2 lots
3 lots
(a) Show a regret table.
Order size
1 lot
2 lots
3 lots
13
9
6
Low
13
9
6
Low
Demand
Medium
16
24
32
16
24
32
High
16
32
61
Demand
Medium
(b) What decision should be made by the optimist?
O 1 lot
O2 lots
3 lots
16
32
61
High
Maximum Regret
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