Optimistic, Conservative & Minimax Regret Approaches

Related BrainMass Solutions

• Decision Analysis

  What is the recommended decision using the optimistic, conservative and minimax regret approaches? Please refer to the attachments. Thanks for using Brainmass.

• Influence Diagrams, Decision Trees and Optimistic, Conservative, and Minimax Regret Approaches

  128443 Decision Analysis : Influence Diagrams, Decision Trees and Optimistic, Conservative, and Minimax Regret Approaches 3.

• Decisions-optimistic, conservative, minimax regret

  If nothing is known about the probabilities of the chance outcomes, determine the recommended decision using the optimistic, conservative, and minimax regret approaches.

• Quantitative Methods: Prospective Profits and Losses

  c. if minimax regret is the strategy. a) An optimistic decision maker would use the optimistic approach. All we really need to do is to choose the decision that has the largest single value in the payoff table.

• Decision modeling for Mytrle Air Express

  Step by step explanation on constructing payoff tables and how to arrive at optimal decision using optimistic, conservative and minimax approaches

• Probability and Decision Making

  If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the optimistic, conservative and minimax regret approaches 3.

• Payoff table

  What decision should be made by the optimistic decision maker? b. What decision should be made by the conservative decision maker? c. What decision should be made under minimax regret? d.

• Computing a Payoff Table and Finding an Optimal Decision Using Given Data

  The solution gives deailed steps on computing payoff table, finding optimal decision using: (1) the conservative approach, (2) minimax regret approach, (3) optimistic approach and (4) EV approach.

• Decision Analysis with Payoff Tables and States of Nature

  What choice should be made by the optimistic decision maker? b. What choice should be made by the conservative decision maker? c. What decision should be made under minimax regret? d.