States of Nature Alternatives Very Favorable Market Average Market Unfavorable Market Build new plant $300,000 $210,000 −$280,000 Subcontract $160,000 $100,000 −$15,000 Overtime $120,000 $70,000 −$8,000 Do Nothing $0 $0 $0 Using the decision making under uncertainty with the criterion of Maximax the appropriate decision will be... (Do Nothing) (Build new plant) (Overtime) (Subcontract) The value of the return under this decision is Using the decision making under uncertainty with the criterion of Maximin the appropriate decision will be... (Subcontract) (Overtime) (Do Nothing) (Build new plant) The value of the return under this decision is Using the decision making under uncertainty with the criterion of Equally Likely the appropriate decision will be (Do Nothing) (Subcontract) (Build new plant) (Overtime) The value of the return under this decision is
States of Nature Alternatives Very Favorable Market Average Market Unfavorable Market Build new plant $300,000 $210,000 −$280,000 Subcontract $160,000 $100,000 −$15,000 Overtime $120,000 $70,000 −$8,000 Do Nothing $0 $0 $0 Using the decision making under uncertainty with the criterion of Maximax the appropriate decision will be... (Do Nothing) (Build new plant) (Overtime) (Subcontract) The value of the return under this decision is Using the decision making under uncertainty with the criterion of Maximin the appropriate decision will be... (Subcontract) (Overtime) (Do Nothing) (Build new plant) The value of the return under this decision is Using the decision making under uncertainty with the criterion of Equally Likely the appropriate decision will be (Do Nothing) (Subcontract) (Build new plant) (Overtime) The value of the return under this decision is
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
|
|
States of Nature
|
||
|
Alternatives
|
Very Favorable
Market
|
Average
Market
|
Unfavorable
Market
|
|
Build new plant
|
$300,000
|
$210,000
|
−$280,000
|
|
Subcontract
|
$160,000
|
$100,000
|
−$15,000
|
|
Overtime
|
$120,000
|
$70,000
|
−$8,000
|
|
Do Nothing
|
$0
|
$0
|
$0
|
Using the decision making under uncertainty with the criterion of
Maximax the appropriate decision will be...
(Do Nothing)
(Build new plant)
(Overtime)
(Subcontract)
The value of the return under this decision is
Using the decision making under uncertainty with the criterion of
Maximin the appropriate decision will be...
(Subcontract)
(Overtime)
(Do Nothing)
(Build new plant)
The value of the return under this decision is
Using the decision making under uncertainty with the criterion of
Equally Likely the appropriate decision will be
(Do Nothing)
(Subcontract)
(Build new plant)
(Overtime)
The value of the return under this decision is
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