A company is considering starting either a small , regular , or large tech store in Etobicoke Depending on their research findings , they may also decide not to open any store at all. The type of store they open depends on the city's market potential which may be high , medium or low The potential profits in each case are shown in the payoff table below (in thousand dollars )

Block 2: Decision Analysis 1 Instruction: Use the following information to answer questions 6 to 11 A company is considering starting either a small, regular, or large tech store in Etobicoke. Depending on their research findings, they may also decide not to open any store at all. The type of store they open depends on the city's market potential which may be high, medium, or low. The potential profits in each case are shown in the payoff table below (in thousand dollars): 6) Determine the best alternative using the Optimistic (Maximax) criterion. A. open a small store B. open a regular store C. open a large store D. open no store E. State of Nature: High 7) Determine the best alternative using the Pessimistic (Maximin) criterion. A. open a small store B. open a regular store C. open a large store D. open no store E. State of Nature: High 8) Determine the best alternative using the Equally likely (Laplace) criterion. A. open a small store B. open a regular store C. open a large store D. open no store E. State of Nature: High 9) Determine the best alternative using the Criterion of Realism (Hurwicz) criterion. Use the coefficient of realism, =0.6. A. open a small store B. open a regular store C. open a large store D. open no store E. State of Nature: High 10) What is the Opportunity Loss (or Regret) for Small store alternative if the State of Nature is High? A. $280,000 B. $110,000 C. $65,000 D. $315,000 E. None of the answers provided is correct 11) Determine the best alternative using the Minimax Regret Criterion. A. open a small store B. open a regular store C. open a large store D. open no store E. State of Nature: High