(a) Using the Optimistic criterion, which alternative is best? (b) Using the Laplace criterion, which alternative is best? (c) Using the Minimax Regret criterion, which alternative is best?
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![A plant manager considers the operational cost per hour of five machine alternatives. The cost per hour is sensitive to three
potential weather conditions: cold, mild, and warm. The following table represents the operations cost per hour for each
alternative-state of nature combination:
States of Nature
Weather related cost per hour
Alternatives
Cold cost/day
Mild cost/day Warm cost/day
Machine 1
$50
$45
$40
Machine 2
$52
$42
$37
Machine 3
$48
$30
$44
Machine 4
$63
$27
$40
Machine 5
$40
$45
$60
(a) Using the Optimistic criterion, which alternative is best?
(b) Using the Laplace criterion, which alternative is best?
(c) Using the Minimax Regret criterion, which alternative is best?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F49cbe8e0-9040-42ef-b0ef-4c912a6963a5%2F00188259-bf7a-4367-9f89-58dca573c1c4%2Fmbzsf7i_processed.jpeg&w=3840&q=75)
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