The following is a payoff table giving profits for various, Ask an Expert

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The following is a payoff table giving profits for various situations.

States of Nature

Alternatives	A	B C
Alternative1	120	140	120
Alternative2	200	100	50
Alternative3	100	120	180
Do Nothing	0	0	0

What decision would an optimist make? Why?
What decision would a conservative make? Why?
Construct a regrets table. What decision should be made using minimax regret?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M9375485

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