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# Decision Analysis watch

1. (Original post by BJ20)
Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information, pricing, sales, and inventory costs has led to the following payoff table, in thousands.

Order Size: Low Medium and High

First Lot is : 12 for low, 15, for medium and 15 for high

Second Lot: 9 for low, 25 for medium and 35 for high

Third Lots : 6 for low, 35 for medium and 60 for high

A.) What decision should be made by the optimist?

Which is the correct answer a(3 lots), b(2 lots), c(1 lot), d(0 lot)

B.) What decision should be made by the conservative?

Which is the correct answer a(3 lots), b(2 lots), c(1 lot), d(0 lot)

C.) What decision should be made using minimax regret?

Which is the correct answer a(3 lots), b(2 lots), c(1 lot), d(0 lot)
A) a (maximum possible)
B) c (maximin)
C) c (minimax)

edit: what's the payoff for zero lots? 0 0 0 ?

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