Given the following conditional value table, determine the appropriate decision assuming that each state of nature has an equal likelihoodof occurring:States of NatureAlternativesLarge plantVery Favorable Market$275,000Average Market$100,000Unfavorable Market- $150,000Small plantOvertimeDo nothing$200,000$60,000-$10,000$100,000$40,000-$1,000$0$0$0The appropriate decision is towhich has an EMV = $(round your response to the nearest whole number).

In given below i explain step by step process. Please follow the process.Please give positive…

Answered: Given the following conditional value…

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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A shop will decide to sell either product A or B or C in the coming season. Demand in that season can be high, average or low. Payoff table below shows the related returns in TL. You will create your own data for Product B row:)) States of nature Alternatives High demand Average demand Low demand Product A 2000 1000 -200 Product B Product C 1000 500 400 a. What would be the decision according to Minimax Regret? b. What is the maximum amount of money the company should pay for perfect information? (Assign probabilities for high, average and low demand)
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