#productionmanagement

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A company is evaluating different order sizes based on daily net profit under varying levels of demand. The table below shows the net profit for different combinations of demand and order size:
Daily Net Profit Table (in ₹)
Order Size D = 50 D = 100 D = 150 D = 200
75 950 1200 575 -675
150 1700 2000 2250 50
200 -850 850 2550 3550
(a) Using Savage Minimax Regret criterion, determine the best order size.
(b) Given the following demand probabilities, find the best order size using the Expected Monetary Value (EMV) criterion.