A decision condition where the decision maker only has sufficient information to allow him assign probabilities to the various states of nature is known as _______ Posted on:
The following are payoffs on maximum column, N25,000, N39,000, N49,000, N25,001. Determine the Optimum solution using the maximax criterion. Posted on:
Which of the following is a compromise between the maximax (optimistic) and maximin (Pessimistic) decision criteria. Posted on:
Using the information that follows, determine the optimal solution using the Hurwicz Criterion. Maximums: N500, N700, N400. Minimums: -75, -60, -50. Posted on:
