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describe decision making by means of expected payoff.

Nick has strategies to open some pizza restaurants however he is not sure how many to open. He has prepared a payoff table to help analyze the situation.

 

States of Nature

 

Market

Alternative

GOOD

FAIR

POOR

Open 1

380,000

70,000

-400,000

Open 2

200,000

80,000

-200,000

Do Nothing

0

0

0

As Nick doesn't know how his received he assumes that all three states of nature are equally likely to occur. If he utilizes the equally likely criterion what decision would he make?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923445

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