Anna Tabara has three major routes to take to work. She can take Market street the entire way, she can take seveal back streets to wok, or she can use the expressway. The traffic patterns are very complex however. Under good conditions, Market street is the fastest route. When Maket is congested, one of the other routes is usually preferable. Over the past two months, Anna has tried each route several times under different conditions. This information is summarized in mutes of travel time to work in the following table:
[Please refer to the attachment for the table]
Determine the best route Anna should take using the following decision criterion:
3. Minimax Regret
4. Hurwicz (alpha = 0.3)
5. Equal Likelihood
The solution is comprised of a detailed explanation of the various aspects of Decision Analysis. This step-by-step calculation of these complicated topics provides students with a clear perspective of Maximax, Maximin, Minimax Regret, Hurwicz and Equal Likelihood.