Lakewood fashions must decide how many lots of assorted ski, Ask an Expert

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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.

Demand
Order Size Low Medium High
1 lot 12 15 15
2 lots 9 25 35
3 lots 6 35 60

a. What decision should be made by the optimist?
b. What decision should be made by the conservative?
c. What decision should be made using minimax regret?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9441004

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