Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gasoline station. Susan's problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Susan developed the followingtable:

SIZE OF FIRST STATION	GOOD MARKET ($)	FAIR MARKET ($)	POOR MARKET ($)
Small	50,000	20,000	-10,000
Medium	80,000	30,000	-20,000
Large	100,000	30,000	-40,000
Very large	300,000	25,000	-160,000

Required:

a, Develop a decision table for this decision i.e. 3 additional columns to answer question B, C andD.

b. What is the MAXIMAXdecision?

c. What is the MAXIMINdecision?

d. What is the Laplace (equally likely)decision?

e. Develop an opportunity loss table. (regrettable)

f. What is the MINIMAX regretdecision?

Given the probabilities of good market = 0.30, fair market = 0.50, poor market = 0.20

g. What is the Expected Monetary Value (EMV)decision?

h. What is the Expected Opportunity Loss (EOL)decision?

i. What is the Expected Value of Perfect Information(EVPI)?