The following table gives the pay offs matrix (in Rs) of different types of washing powders against the estimated level of sales. Strategies (Types…
2025 · Solved Question with Answer
The following table gives the pay offs matrix (in Rs) of different types of washing powders against the estimated level of sales.
| Strategies (Types of washing powder) | State of Nature (Estimated level of sales) | ||
|---|---|---|---|
| X | Y | Z | |
| A | 400 | 175 | 250 |
| B | 225 | 225 | 250 |
| C | 100 | 250 | 200 |
What is the manager's decision under the criterion of (a) maximax (b) maximin (c) minimax regret (d) Laplace (e ) Hurwicz at \(\alpha = 0.7\)