Question: Minimax Regret 1. Given the following conditional value table, determine the appropriate decision under uncertainty using Minimax Regret . State of Nature Alternatives Favorable Market

Minimax Regret

1. Given the following conditional value table, determine the appropriate decision under uncertainty using Minimax Regret.

State of Nature

Alternatives

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

Please show how you got the answer & the regret table

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