Posted: December 10th, 2015

- What is the decision to be made? What is the chance event? How many decision alternatives out there? How many outcomes are there for the chance event?

- b) If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the following approaches:

– Optimistic

– Conservative

– Minimax Regret

- Suppose that management of Turkish Airlines believes the following probabilities exist:p(strong)=0.50 P(medium)=0.40 p(weak)=0.10 Determine the decision based on this information and by using Expected Value (EV) approach.

- d) Suppose that management of Turkish Airlines believes the following probabilities exist: p(strong)=0.45 P(medium)=0.30 p(weak)=0.25 Determine the decision based on this information and by using Expected Value (EV) approach.

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