Question: Question 13 (0.5 points) A decision-maker using the maximin criterion on the problem below would choose Alternative because the maximum of the row minimums is

Question 13 (0.5 points) A decision-maker using

Question 13 (0.5 points) A decision-maker using the maximin criterion on the problem below would choose Alternative because the maximum of the row minimums is States of Nature Alternative A Alternative B Alternative Alternative 1 30 30 70 -100 55 50 80 -10 60 80 70 140 OB: 30 OD:-100 OA: 55 Oc70 Question 14 (0.5 points) Plant Size Market Demand Low High 30 50 -10 100 Small Large If the market demand was Low, then the decision would be to build a ... plant. a Large Small I need probabilities to make a recommendation Question 15 (0.5 points) Chung Manufacturing is considering the introduction of a family of products onto the market. Chen Chung is the VP of Operations and he can choose between different production processes. batch manufacturing or custom manufacturing, or he can invest in group technology. The long-term demand for the product group is somewhat predictable. The demand-level forecasts are classified into four levels: poor, fair, good, and excellent. The table below indicates the payoffs (profits) associated with each process/demand combination as well as the probabilities of each long-term demand level. What is the decision according to the Minimax Regret criterion? Probability of occurrence 1. Batch Poor Fair 0.1 04 -$200,000 $1,000,000 $100,000 $300,000 $1,000,000 $500,000 Good Excellent 0.3 02 $1,200,000 $1,300,000 $700,000 $800,000 $500,000 $2,000,000 2. Custom 3. Group technology Invest in group technology Batch manufacturing Indifferent between the choices Custom manufacturing

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