A decision maker that makes decisions using the minimax regret criterion would be classified as:

A company is launching a new product with a selling price of $20.
Demand and variable cost are both uncertain and possible demand levels and variable costs are given below:

Outcomes for demand and variable cost are independent.
What is the expected contribution from the product?
Give your answer as a whole number.

RS is a travel company providing daily tours of a major European capital city. The market is highly competitive and RS has commissioned some market research to help with the pricing decision for a new tour. The research identified the probability of three possible market conditions and the number of tickets that would be sold each day at three different price levels.

Demonstrate, using a decision tree and based on expected value, which ticket price RS should choose.

A company's product range includes Product N. The costs relating to Product N are shown below:

The direct labour costs relate to specialists employed to work wholly and exclusively with Product N.
If the company stopped making Product N, the insurance overhead cost would cease, but overhead cost J would be unaffected. Both overheads are absorbed in direct proportion to material costs.
Which of the following costs should be used in the decision whether to stop making Product N?

A manager must select one of three projects, W, X or Y.
The following payoff table has been prepared to show the outcomes in $000 at three possible levels of demand:

The manager is now preparing a regret matrix.
What figure (in $000) will be shown for Project Y in the regret matrix if the average demand arises?