Question: Find the decision by using the following criteria: a) Optimistic (Maximax) b)Pessimistic (Maximin) c)Equally likely d)Minimax regret e)Expected monetary value The following payoff table shows

Find the decision by using the following

Find the decision by using the following criteria:

a) Optimistic (Maximax)

b)Pessimistic (Maximin)

c)Equally likely

d)Minimax regret

e)Expected monetary value

The following payoff table shows the monthly cost for each alternative based on the two possible state of natures. Low High 50 60 Do nothing Expand Subcontract 20 80 40 70

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