ou are a manager evaluating two potential projects, A and B$.$ The profit $($in thousands of dollars$)$ associated with each project under different states of nature is provided below:

State of Profit Profit Nature $($A$)($B$)$

$1$ $$50$ $$302$ $$20$ $$603$ $$40$ $$10$

a$)$ Apply the Minimax decision criterion to determine the best decision for each project.

b$)$ Apply the Maximax decision criterion to determine the best decision for each project.