Question: NOTE: I need a solution using the following criteria clearly: (a) Maximax (b) Maximin ( c ) Minimax Regret (d) Laplace (e) Hurwicz Topic Coverage:

NOTE: I need a solution using the following criteria clearly: (a)

NOTE: I need a solution using the following criteria clearly:

(a) Maximax

(b) Maximin

( c ) Minimax Regret

(d) Laplace

(e) Hurwicz

Topic Coverage: Decision Analysis Theory 1. An operations manager's staff has compiled the information below for four manufacturing alternatives (A,B, C, and D) that vary by production technology and the capacity of the machinery. All choices enable the same level of total production and have the same lifetime. The four states of nature represent four levels of consumer acceptance of the firm's products. Values in the table are net present value of future profits in millions of dollars. Solve using the five criteria and choose the best alternative. =0.4,0.2,0.2,0.2 respectively. Determine the best option using the following decision criteria: (a) Maximax (b) Maximin (c) Minimax Regret (d) Laplace and (e) Hurwicz

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