Question: Given is a decision payoff table. a) The best decision under uncertainty using MAXIMAX is to select ____facility b) The best decision under uncertainty using
Given is a decision payoff table.

a) The best decision under uncertainty using MAXIMAX is to select ____facility
b) The best decision under uncertainty using MAXIMIN is to select ____ facility
c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select ____ facility
d) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the expected monetary value (EMV) for the large facility = ___.
e) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the best decision under risk is to select ____ facility.
**** THERE SHOULD BE 5 ANSWERS. PLEASE ANSWER CAREFULLY OR I'LL THUMBS DOWN. THANK YOU!
\begin{tabular}{|l|l|l|l|} \hline & & & Future Demand \\ \hline & & Low & Moderate \\ \hline Alternatives & 53 & 31 & High \\ \hline Small Facility & 29 & 42 & 22 \\ \hline Medium Facility & 5 & 30 & 32 \\ \hline Large Facility & 5 & 53 \\ \hline \end{tabular}Step by Step Solution
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