Assignment:
Jae-in Moon is planning to have a vacation with his family. He is attempting to make a decision among several candidate cities for traveling. His family's satisfaction after the vacation is primary dependent on the weather of the traveling city during the vacation. The satisfaction is measured and represented as real number points ranged from 10 to 10. The satisfaction points given the weather are shown in the following table.
Determine the best travel site using the following methods.
a) Optimistic approach
b) Pessimistic approach
c) Minmax Regret
d) Hurwicz (α=0.3)
e) Equal likehood
f) Suppose the weather broadcaster report the probability as the following table. Use Expected value approach to determine the travel site:
