Question: Given is a decision payoff table. Future Demand Alternatives Low Moderate High Small Facility 33 22 18 Medium Facility 19 32 22 Large Facility -10

Given is a decision payoff table.

Future Demand

Alternatives

Low

Moderate

High

Small Facility

33

22

18

Medium Facility

19

32

22

Large Facility

-10

29

43

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.

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