Question: Given the following conditional value table, deter - mine the appropriate decision under uncertainty using: a ) Maximax b ) Maximin c ) Equally likely

Given the following conditional value table, deter-mine the appropriate decision under uncertainty using:
a) Maximax
b) Maximin
c) Equally likely
STATES OF NATURE
ALTERNATIVES
VERY FAVORABLE
MARKET
AVERAGE
MARKET
UNFAVORABLE
MARKET
Build new plant $350,000 $240,000$300,000
Subcontract $180,000 $ 90,000$ 20,000
Overtime $110,000 $ 60,000$ 10,000
Do nothing $ 0 $ 0 $ 0

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