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Management 2 Pages

Decision Theory

Question

The Book Title is Quantitative Analysis for Management ( 12th Edition ) by Barry Render. I Will upload the question that i need you to solve for me in word file some picture have more than question so I will write here the question that i need only. 3-18, 3-19, 3-20, 3-21, 3-28, 4-9 and 4-13 a and b only, When you answer these question I need it to be with details. Please note that i'm an international student (man) who study in the USA.

Solution

Title: Decision Theory
Length: 2 pages (550 Words)
Style: N/A

Preview

Decision Theory

Q. 3.18

Given his pessimistic attitude towards the oil industry, Bob will utilize the Maximin decision criterion. He will therefore choose the alternative that will maximize the minimum returns/gains (minimize the maximum loss).

Decision alternative
Favorable market
Unfavorable market
returns
Sub 100
300,000
-200,000
100,000
Oiler j
250,000
-100,000
150,000
Texan
75000
18,000
57000

In this case he will choose the Texan because it maximizes the minimum returns at $57000 (minimizes maximum loss).

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