ACC / BUS 412 - ANALYSIS FOR BUSINESS DECISION 2 ASSIGNMENT FOR SWUN STUDENTS 400 LEVEL

Ajimatarareje Nigeria Limited wishes to introduce a new product by replacing the old one and ensures a much higher price (S1), a moderate high price (S2), small and negligible high price (S3).

The following pay-off table in term of quarterly profits for the products and strategies is given below:

	State of Nature
Strategies	N1	N2	N3
S1	600,000	200,000	50,000
S2	400,000	300,000	100,000
S3	30,000	200,000	200,000
Probability	0.175	0.625	0.2

Required:

Determine the strategy to be adopted using:

a.         Maximax Criterion

b.         Maximin Criterion

c.         Minimax Criterion

d.         Minimin Criterion

e.         Minimax Regret Criterion

f.          Maximin Regret Criterion

g.         Laplace Criterion

h.         Hurwicz Criterion if the coefficient of realism is 75%.

i.          Select the appropriate strategy based on expected monetary value

            criterion.

j.          Determine the value of perfect information.

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