BusOBA 2321 Midterm Review Sp23 correctly answered to pass

BusOBA 2321 Midterm Review Sp23
correctly answered to pass


Maximax - correct answer ✔✔used by extreme risk takers, take the maximum of
the maximums of the original table


Maximin - correct answer ✔✔take the maximum of all the minimums of the
original table, used by non-risk takers


Hurwicz - correct answer ✔✔alpha*the greatest value in the row + 1-alpha*the
smallest value in the row


somewhat risk averse


LaPlace - correct answer ✔✔equally likely model, take 100%/the number of
columns*the value in that column, do that for each row, and add them together


EMV - correct answer ✔✔use the given values


Minimax - correct answer ✔✔MAKE REGRET TABLE, take the minimum of all of
the maximums


EOL - correct answer ✔✔MAKE REGRET TABLE, multiply the given values x the
column values all added up for each row, THE ANSWER IS THE SMALLEST VALUE