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, determine 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 $ $$
Subcontract $ $ $
Overtime $ $ $
Do nothing $ $ $
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