TABLE 17-5
the Following Payoff Table Shows Profits Associated with a Set

question 58

Short Answer

TABLE 17-5
The following payoff table shows profits associated with a set of 2 alternatives under 3 possible events.
$\quad$ $\quad$ $\quad$ $\quad$ $\text {Action }$
$\begin{array} { c c c } \text { Event } & A & B \\1 & 1000 & 1200 \\2 &500 & 700\\3&300&-200\end{array}$
Suppose that the probability of Event 1 is 0.2, Event 2 is 0.5, and Event 3 is 0.3.
-Referring to Table 17-5, what is the optimal action using maximax criterion?

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Definitions:

Societal Rules

The norms, laws, and regulations that govern behavior within a society, shaping interactions and maintaining order.

Gestures

Physical movements made with parts of the body, especially the hands and arms, to express ideas or feelings.

Diversity

The inclusion of individuals from a wide range of backgrounds, cultures, and perspectives in a group or organization.

Workplace

A location where people are employed and perform tasks related to their jobs.