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

  1. 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

    15

    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 = . ______ 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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