Question

descision making

Given the following conditional value table, determine the appropriate decision under uncertainty using:

* a) Maximax
* b) Maximin
* c) Equally likely
States of Nature

AlternativesVery Favorable MarketAverageMarketUnfavorableMarket

Build new plant$350,000$240,000−$300,000

Subcontract$180,000$90,000−$ 20,000

Overtime$110,000$60,000−$ 10,000

Do nothing$0$0$ 0

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