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
Solutions
Expert Solution
No answers