s Problem $1$: Given the following conditional value table, determine the appropriate decision under uncertainty

using:

a$.$ Maximax

b$.$ Maximin

c$.$ Equally likely

d$.$ Minimax regret

Note:

You may work individually or in groups for this assignment. The maximum group size is four students.

If working in a group, designate one member to submit the assignment on behalf of the group.

A penalty of $10\%$ of the total marks will be deducted for each day past the due date.Problem $1$: Given the following conditional value table, determine the appropriate decision under uncertainty

using:

ALTERNATIVES

STATES OF NATURE

VERY FAVORABLE

MARKET

AVERAGE

MARKET

UNFAVORABLE

MARKET

Build new plant $ $350,000$ $ $240,000$$ $300,000$

Subcontract $ $180,000$ $ $90,000$$ $20,000$

Overtime $ $110,000$ $ $60,000$$ $10,000$

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

a$.$ Maximax

b$.$ Maximin

c$.$ Equally likely

d$.$ Minimax regret