QUESTION $2$

Given the following conditional value table, the company has the option to build a new plant to subcontract the work elsewhere, to work overtime or to do nothing.

Very favourable Average Unfavourable

Build new plant R$350,000$

R$230000-$R$280000$

Subcontract R $180000$ R$90000-$R$40000$

Overtime R $110000$ R $60000-$R$20000$

Do nothing R$0$ R$0$ R$0$

Determine the appropriate decision under uncertainty using:

a$)$ Maximax. $(2)$

b$)$ Maximin. $(2)$

c$)$ Equally likely. $(3)$

d$)$ Criteria of realism $\backslash$alpha $=0\mathrm{.}7(3)$

e$)$ Minimax regret $(6)$