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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