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Business Statistics, 3rd Edition
book

Business Statistics, 3rd Edition

by Naval Bajpai
April 2024
Intermediate to advanced content levelIntermediate to advanced
921 pages
37h 16m
English
Pearson India
Content preview from Business Statistics, 3rd Edition
Chapter 19
818
Using this formula, the Hurwicz criterion value is obtained for each strategy and the strategy with
the maximum value is selected. Suppose in the curd pack example, a decision maker has selected
the coef cient of optimism as
α
= 0.7. The Hurwicz criterion values for different acts can be
obtained as indicated in Table 19.6. So, according to the Hurwicz criterion, a decision maker will
select an act (strategy) A
5
which gives the maximum Hurwicz criterion value.
TABLE 19.6
Hurwicz criterion values for different acts (for the curd pack example)
Act Maximum value Minimum value Hurwicz criterion values
(A
1
) 0 0
0.7 × 0 + 0.3 × 0 = 0
(A
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Publisher Resources

ISBN: 9789390168996