The value of the return under this decision is

Using the decision making under uncertainty with the criterion of Maximin

This method finds the alternative that maximizes the minimum outcome for every alternative. First, we find the minimum outcome within every alternative, and then we pick the alternative with the maximum number

Firstly identify the Minimum Payoff for each alternative.

The appropriate decision will be

The value of the return under this decision is

Using the decision making under uncertainty with the criterion of Equally Likely

This method finds the alternative with the highest average outcome. First, we calculate the average outcome for every alternative, which is the sum of all outcomes divided by the number of outcomes. We then pick the alternative with the maximum number.

Firstly determine the Average Payoff for each alternative.

Using the decision making under uncertainty with the criterion of Equally Likely

The appropriate decision will be :

The value of the return under this decision is

Please show your work **

Even though independent gasoline stations have been having a difficult time, lan Langella has been thinking about starting his own independent gasoline station. Ian's problem is to decide how large his station should be. The annual returns will depend on both the size of his station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, lan developed the following table: For example, if lan constructs a small station and the market is good, he will realize a profit of $60,000. This exercise contains only parts b,c, and d. b) Using the decision making under uncertainty with the criterion of Maximax The appropriate decision will be