Using the _____________ criterion you identify the worst payoff for each alternative and then choose ...

Using the _____________ criterion you identify the worst payoff for each alternative and then choose the alternative that is the best of the worst.
 
  A) Hurwicz
  B) equally likely
  C) maximin
  D) maximax

Q. 2

A manufacturer of smartphone batteries will randomly select 20 batteries from the process each day and count the number of defects. Historically, 4 of the batteries produced by this company have been defective.
 
  The following data represent the frequency of defective batteries from a random sample of 200 days.Number of Defective Frequency0 851 632 353 or more 17The manufacturer would like to test if the probability distribution for defective batteries follows the binomial distribution with p = 0.04 and n = 20 using  = 0.05. The expected number of days from this sample that no batteries from the batch of 20 are defective is ________.A) 15.08
  B) 37.74
  C) 71.70
  D) 75.48

Q. 3

The ___________ criterion is the most optimistic method as well as the one with the highest level of risk.
 
  A) Hurwicz
  B) equally likely
  C) maximin
  D) maximax

Q. 4

The __________ criterion is the alternative associated with the highest payoff in the decision table.
 
  A) equally likely
  B) maximax
  C) maximin
  D) minimax regret

Q. 5

As a concession manager for a local Little League Baseball organization, you are responsible for ordering hot dogs for the upcoming weekend games. You can purchase hot dogs for 0.75 each and sell them during the games for 2.50.
 
  Any unsold hot dogs can be returned to the supplier for a 0.25 credit. If you purchase 600 hot dogs and sell 200 hot dogs over the weekend, the profit will be _______. A) 125
  B) 150
  C) 350
  D) 700