Question: Given the following conditional value table, determine the appropriate decision under uncertainty using maximax, maximin, equally likely methods. Copy to Clipboard + States of

Given the following conditional value table, determine the appropriate decision under uncertainty using maximax, maximin, equally likely methods.

                                                                                                                                                     

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States of Nature

Alternatives

Very Favorable Market

Average Market

Unfavorable Market

Large plant

$275,000

$100,000

minus−$150,000

Small plant

$200,000

$60,000

minus−$10,000

Overtime

$100,000

$40,000

minus−$1,000

Do nothing

$0

$0

$0

a) Using the maximax method, the appropriate decision is b) Using the maximin method, the appropriate decision is c) Using the equally likely method, the appropriate decision is

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