DSCI 300 Alternative Q2 Use the decision table below to make decisions based on the following...

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DSCI 300 Alternative Q2 Use the decision table below to make decisions based on the following three decision- making criteria. Construct a small plant Construct a large plant Do Nothing (1) Maximax 100,000 (2) Maximin (3) Minimax regret Name: Good Market ($) 75,000 100,000 0 210S State of Nature Average Market ($) 25,000 35,000 Date: 0 Poor Market ($) -40,000 (4) Make your decision based on the Laplace (equally likely) solution -60,000 0 19. FJ DSCI 300 Alternative Q2 Use the decision table below to make decisions based on the following three decision- making criteria. Construct a small plant Construct a large plant Do Nothing (1) Maximax 100,000 (2) Maximin (3) Minimax regret Name: Good Market ($) 75,000 100,000 0 210S State of Nature Average Market ($) 25,000 35,000 Date: 0 Poor Market ($) -40,000 (4) Make your decision based on the Laplace (equally likely) solution -60,000 0 19. FJ

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You have presented a decision table with three different strategies Construct a small plant Construct a large plant and Do Nothing along with their fi... View the full answer