Question: Problem 3 (2 pts)-Single Criterion Decision Making Under Uncertainty Adele Weiss manages the campus flower shop. Flowers must be ordered three days in advance from

 Problem 3 (2 pts)-Single Criterion Decision Making Under Uncertainty Adele Weiss

Problem 3 (2 pts)-Single Criterion Decision Making Under Uncertainty Adele Weiss manages the campus flower shop. Flowers must be ordered three days in advance from her supplier in Mexico. Although Valentine's Day is fast approaching, sales are almost entirely last-minute, impulse purchases. Advance sales are so small that Weiss has no way to estimate the probability of low (25 dozen), medium (60 dozen), or high (130 dozen) demand for red roses on the big day. She buys roses for $15 per dozen and sells them for $40 per dozen. Suppose the predicted probability for low, medium, and high demands are 0.4,0.3 and 0.3, respectively. a. Construct a profit table for the three decisions: ordering 25 dozens, 60 dozens, 130 dozens. b. Please defined the selected alternative by all of payoff and Regret based methods including Maximax, Maximin, Equally Likelihood (EL), Expected Value (EV), Minimax and Expected Opportunity Loss (EOL)

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