Question: Given the following conditional value table, determine the appropriate decision assuming that each state of nature has an equal likelihood of occurring: ALTERNATIVES STATES OF

Given the following conditional value table, determine the appropriate decision assuming that each state of nature has an equal likelihood of occurring:

ALTERNATIVES STATES OF NATURE VERY FAVORABLE MARKET AVERAGE MARKET UNFAVORABLE MARKET Large plant $275,000 $100,000 -$150,000 Small plant $200,000 $ 60,000 -$ 10,000 Overtime $100,000 $ 40,000 -$ 1,000 Do nothing $ 0 $ 0 $ 0 Additional problems A.18–A.20 are available in MyLab Operations Management. Problem A.18 involves an inventory stocking problem for a product with a short shelf life. Problem A.19 is an EMV problem with two alternatives and three states of nature. Problem A.20 uses EMV to select the best of three technologies.

Problems A.21–A.32 relate to Decision Trees

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