Question: Given the following conditional value table, determine the appropriate decision under uncertainty using: a) Maximax b) Maximin c) Equally likely STATES OF NATURE ALTERNATIVES VERY

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

a) Maximax

b) Maximin

c) Equally likely STATES OF NATURE ALTERNATIVES VERY FAVORABLE MARKET AVERAGE MARKET UNFAVORABLE MARKET 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 L01

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