Decision Analysis Payoff Table and Decision Tree Quiz

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According to the Maximax criterion, which decision should be chosen?

P35000 (correct)

P21000

-P29000

P10000

What decision is recommended by the Maximin criterion?

P10000

P35000

P21000

-P45000 (correct)

In the Laplace criterion, which decision is favored?

Do Nothing

Maximax

Maximin

Move (correct)

According to the Hurwicz criterion with a probability of a favorable market at 25%, which decision should be made?

Move Signup and view all the answers

When using the Minimax Regret approach, what is the recommended decision?

-P13,500 Signup and view all the answers

What decision should be chosen based on a Monte Carlo Simulation?

-P29,000 Signup and view all the answers

In decision tree analysis, what does each branch represent?

Possible outcomes Signup and view all the answers

Based on the expected payoff values, which decision should be selected?

Move Signup and view all the answers

What is the primary consideration in the Hurwicz criterion when making decisions?

Both best and worst-case scenarios Signup and view all the answers

How is regret defined in the context of Minimax Regret approach?

The difference between actual payoff and worst-case scenario payoff Signup and view all the answers

Decision Analysis Payoff Table and Decision Tree Quiz

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Questions and Answers

According to the Maximax criterion, which decision should be chosen?

What decision is recommended by the Maximin criterion?

In the Laplace criterion, which decision is favored?

According to the Hurwicz criterion with a probability of a favorable market at 25%, which decision should be made?

When using the Minimax Regret approach, what is the recommended decision?

What decision should be chosen based on a Monte Carlo Simulation?

In decision tree analysis, what does each branch represent?

Based on the expected payoff values, which decision should be selected?

What is the primary consideration in the Hurwicz criterion when making decisions?

How is regret defined in the context of Minimax Regret approach?

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