Comments

  1. avatar says

    MiniMax Regret Table – Confusion.

    Good evening, quick question. When do we use the figures from Rows or Columns when calculating Minimax rules. In this lecture we have used the figures from the Columns. In other lectures examples we use rows.

    • Profile photo of John Moffat says

      It doesn’t matter how you show the table ( rows or columns ) what matters is understanding the logic behind the criterion being used – you mustn’t try simply to learn rules, the examiner will check you understand by asking you to write about them.

  2. avatar says

    Hi john. no doubt u r a great lecturer!
    but i am little bit confused about , why did u multiplied the probabilities with the profits rather than demand? In the notes probabilities are for demand.

  3. avatar says

    thanks very much for the lecture. the practise question 6 Joker part (c) answer seems wrong, should be: fee of $180= 15750x(180-81.5)=1,551,375, and the same for other 2 options $(200-81.5)x13125, and (220-81.50)x10500. but the answer in the notes are each fee multiple the variable cost rather than subtract.

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