a) From the given Pay-off table, give the decision according to (i) Maximax approach (ii) Maximin approach (iii) Minimax Regret approach. State of…
BBS Business Statistics · 2079 · Solved Question with Answer
a) From the given Pay-off table, give the decision according to
(i) Maximax approach (ii) Maximin approach (iii) Minimax Regret approach.
| State of natures | Strategies | ||
| S1 | S2 | S3 | |
| N1 | 400 | 200 | 700 |
| N2 | 100 | 600 | 300 |
| N3 | 500 | 300 | 100 |
(b) Two fair dice are rolled at the same time . What is the probability that the two faces turn up to show (i) a sum of 8 or 9 (iI) a sum less than 5 ?