The following is an opportunity loss table.
States of Nature
Alternatives A B C
Alternative 1 30 0 10
Alternative 2 5 20 0
Alternative 3 0 20 25
What decision should be made based on the minimax regret criterion?
Alternative 1
Alternative 2
Alternative 3
State of Nature C
In a good regression model the residual plot shows
a cone pattern.
an arched pattern.
a random pattern.
an increasing pattern.
The following is a payoff table giving profits for various situations.
States of Nature
Alternatives A B C
Alternative 1 120 140 120
Alternative 2 200 100 50
Alternative 3 100 120 180
Do Nothing 0 0 0
What decision would a pessimist make?
Alternative 1
Alternative 2
Alternative 3
Do Nothing