QUESTION 3 DECISION TABLE WITH CONDITIONAL VALUES STATE OF NATURE FAVORABLE OUTCOME UNFAVORABLE OUTCOME ALTERNATIVE ($) ($) Construct a Large Plant 300,000 -150,000 Construct a Small Plant 120,000 -30,000 No Plant 0. From the table above calculate the best outcomes using a) Maximax criterion b) Minimax criterion c) Maximin criterion

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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Chapter2: Second-order Linear Odes
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QUESTION 3
DECISION TABLE WITH CONDITIONAL VALUES
STATE OF NATURE
FAVORABLE OUTCOME
UNFAVORABLE OUTCOME
ALTERNATIVE
($)
($)
Construct a Large Plant
300,000
-150,000
Construct a Small Plant
120,000
-30,000
No Plant
0.
From the table above calculate the best outcomes using
a) Maximax criterion
b) Minimax criterion
c) Maximin criterion
Transcribed Image Text:QUESTION 3 DECISION TABLE WITH CONDITIONAL VALUES STATE OF NATURE FAVORABLE OUTCOME UNFAVORABLE OUTCOME ALTERNATIVE ($) ($) Construct a Large Plant 300,000 -150,000 Construct a Small Plant 120,000 -30,000 No Plant 0. From the table above calculate the best outcomes using a) Maximax criterion b) Minimax criterion c) Maximin criterion
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