Question: Given is a decision payoff table. Future Demand Alternatives Low Moderate High Small Facility 12 13 14 Medium Facility -1 23 16 Large Facility -8
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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.Future Demand
Alternatives
Low
Moderate
High
Small Facility
12
13
14
Medium Facility
-1
23
16
Large Facility
-8
15
23
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