Today$$s Electronics specializes in manufacturing modern electronic components. It also builds the equipment that produces the components. Paul Adamu, who is responsible for advising the president of Today$$s Electronics on electronic manufacturing equipment, has developed the following table concerning a proposed facility:

PROFIT $()$

STRONG MARKET

FAIR MARKET

POOR MARKET

Large Facility

$550,000$

$110,000$

$-310,000$

Medium$-$sized facility

$300,000$

$129,000$

$-100,000$

Small facility

$200,000$

$100,000$

$-32,000$

No facility

$0$

$0$

$0$

What is the Laplace decision?

What are the optimist and pessimist decisions?

What is the Hurwicz decision? Assume $\backslash$alpha $=0\mathrm{.}7?$

Develop an opportunity loss table

What is the minimax regret decision?