Decision Analysis Problem for Anna Tabara
Not what you're looking for?
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:
1. Maximax
2. Maximin
3. Minimax Regret
4. Hurwicz (alpha = 0.3)
5. Equal Likelihood
Purchase this Solution
Solution Summary
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.
Education
- MSc, Osmania University
- MSc, Indian Institute of Technology - Roorkee (I.I.T.-ROORKEE)
- BSc, Banaras Hindu University
Recent Feedback
- "Very fast turnaround. Excellent communication! Much appreciated!"
- "excellent"
- "excellent"
- "excellent work"
- "Fantastic..great solution and very well explained!!!!"
Purchase this Solution
Free BrainMass Quizzes
Multiplying Complex Numbers
This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.
Geometry - Real Life Application Problems
Understanding of how geometry applies to in real-world contexts
Probability Quiz
Some questions on probability
Exponential Expressions
In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.
Solving quadratic inequalities
This quiz test you on how well you are familiar with solving quadratic inequalities.