Question: Given is a decision payoff table. Future Demand Alternatives Low Moderate High Small Facility 35 28 29 Medium Facility 22 36 26 Large Facility -7
Given is a decision payoff table.
|
|
| Future Demand |
|
| Alternatives | Low | Moderate | High |
| Small Facility | 35 | 28 | 29 |
| Medium Facility | 22 | 36 | 26 |
| Large Facility | -7 | 27 | 35 |
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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