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- This topic has 1 reply, 2 voices, and was last updated 3 years ago by John Moffat.
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- October 19, 2021 at 9:24 am #638434
Sir I am new here and I need your help on this. Please answer
Minimax (regret table):
Best option from Worst Outcomes[If demand is in Column; and Contract is in Rows;]
Demand—-Probability————-Contract
———————————300—–500——700——800
400————–0.2——–2900—-3500—-4100—-4400
500————–0.3——–3400—-4000—-4600—-4400
700————–0.4——–4400—-5000—-4600—-4400
900————–0.1——–5400—-5000—-4600—-4400Demand—Probability————-Contract
———————————300—–500—–700—–800
400————-0.2———2500—-1500—-500——-0
500————-0.3———2000—-1000——0——–0
700————-0.4———1000——-0——–0——–0
900————-0.1————0———0——–0——–0Best Outcomes:
300 units = $2500
500 units = $1500
700 units = $500 (Worst Option)
800 units = $0Sign contract for 700 units;
It doesn’t matter whether we make regret table based on rows or columns (both result in the same answer).
October 19, 2021 at 4:15 pm #638507Please do not ask the same question twice.
Do not expect instant answers – we do not sit in front of the computer 24 hours a day 🙂
We always answer within 24 hours and usually much sooner than that.
I have answered your other posting of this question.
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