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Hi Sir,
When doing the question Cement Co (6/11) BPP kit, I came cross that somebody does different layout.
I mean you set the Rows as the amount we sold/ Demand, and you set columns as our choice of production.
In different author I saw that they set rows as our choice of production and they did columns as demand, plus they included the column of probability.Could you please tell me what is correct approach or better choice to construct the pay-off table?
Thank you.
It does not matter at all how you show your table!
The table is only there to help you make the decisions – there are no rules about how to draw it.
If the examiner requires a table (which is usually the case) then it does not matter which you show as rows and which you show as columns.
What matters is that you calculate the individual pay-offs correctly, and that you make the right decisions.
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