Question: Please post a new response other than the ones already on Chegg which is partly wrong Given the following conditional value table: Alternatives Build new


Please post a new response other than the ones already on Chegg which is partly wrong
Given the following conditional value table: Alternatives Build new plant Subcontract Overtime Do Nothing Very Favorable Market $350,000 $180,000 $110,000 $0 States of Nature Average Market $240,000 $90,000 $60,000 $0 Unfavorable Market - $300,000 - $20,000 - $10,000 $0 a) Using the decision making under uncertainty with the criterion of Maximax The appropriate decision will be Build new plant . The value of the return under this decision is $0 a) Using the decision making under uncertainty with the criterion of Maximax The appropriate decision will be Build new plant The value of the return under this decision is $ 350,000". b) Using the decision making under uncertainty with the criterion of Maximin The appropriate decision will be Do Nothing The value of the return under this decision is $ 0. c) Using the decision making under uncertainty with the criterion of Equally Likely. The appropriate decision will be Build new plant The value of the return under this decision is $ 96,667 (enter your answer as a whole number)Step by Step Solution
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