.A.1 Given the following conditional value table, determine the appropriate decision under uncertainty using: a) Maximax b) Maximin c) Equally likely PX ALTERNATIVES Build new plant Subcontract Overtime Do nothing STATES OF NATURE VERY FAVORABLE AVERAGE UNFAVORABLE MARKET MARKET $240,000 -$300,000 $ 90,000 $ 60,000 $ 0 MARKET $350,000 $180,000 $110,000 $ 0 -$ 20,000 -$ 10,000 $ 0

.A.1 Given the following conditional value table, determine the appropriate decision under uncertainty using: a) Maximax b) Maximin c) Equally likely PX ALTERNATIVES Build new plant Subcontract Overtime Do nothing STATES OF NATURE VERY FAVORABLE AVERAGE UNFAVORABLE MARKET MARKET $240,000 -$300,000 $ 90,000 $ 60,000 $ 0 MARKET $350,000 $180,000 $110,000 $ 0 -$ 20,000 -$ 10,000 $ 0

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...

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Question

Answer A1 a-c

Problems A.1-A.20 relate to Types of Decision-Making Environments
. A.1 Given the following conditional value table, determine
the appropriate decision under uncertainty using:
a) Maximax
b) Maximin
c) Equally likely PX
ALTERNATIVES
Build new plant
Subcontract
Overtime
Do nothing
VERY FAVORABLE AVERAGE
MARKET
$240,000
$ 90,000
$ 60,000
$
0
MARKET
$350,000
$180,000
$110,000
0
STATES OF NATURE
$
UNFAVORABLE
MARKET
-$300,000
-$ 20,000
-$ 10,000
$
0

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