Question: Given is a decision payoff table. Alternatives Small Facility Medium Facility Large Facility Low 12 -1 -8 Future Demand Moderate 13 23 15 High 14

Given is a decision payoff table. Alternatives

Given is a decision payoff table. Alternatives Small Facility Medium Facility Large Facility Low 12 -1 -8 Future Demand Moderate 13 23 15 High 14 16 23 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 - c) If the probabilities for Future Demand when it is Low -035, Moderate -0.30, and High-0.35, the best decision under risk is to select facility

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