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Given the following conditional value table, determine the appropriate decision under uncertainty using maximax, maximin, equally likely methods. States of Nature Average Market aj Using the maximax method, the appropriate decision is by Using the maximin method, the appropriate decision is c) Using the equally they method, the appropriate decision is Alternatives Large plant Small plant Overtime Do nothing Very Favorable Market $313,000 $170,000 $105,000 $0 $80,000 $60,000 $50,000 50 Unfavorable Market -$180,000 -500,000 -$8,000 50 with a value of return of s (enter your response as a whole number) with a value of return of shiny (enter your response as a whole number) with a value of return of senter your response as a whole number)

Given the following conditional value table, determine the appropriate decision under uncertainty using maximax, maximin, equally likely methods. States of Nature Average Market aj Using the maximax method, the appropriate decision is by Using the maximin method, the appropriate decision is c) Using the equally they method, the appropriate decision is Alternatives Large plant Small plant Overtime Do nothing Very Favorable Market $313,000 $170,000 $105,000 $0 $80,000 $60,000 $50,000 50 Unfavorable Market -$180,000 -500,000 -$8,000 50 with a value of return of s (enter your response as a whole number) with a value of return of shiny (enter your response as a whole number) with a value of return of senter your response as a whole number)

Practical Management Science
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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Given the following conditional value table, determine the appropriate decision under uncertainty using maximax, maximin, equally likely methods. States of Nature Average Market aj Using the maximax method, the appropriate decision is by Using the maximin method, the appropriate decision is c) Using the equally they method, the appropriate decision is Alternatives Large plant Small plant Overtime Do nothing Very Favorable Market $313,000 $170,000 $105,000 $0 $80,000 $60,000 $50,000 50 Unfavorable Market -$180,000 -500,000 -$8,000 50 with a value of return of senter your response as a whole number) with a value of retum of estina (enter your response as a whole number) with a value of return of senter your response as a whole number)
Transcribed Image Text:Given the following conditional value table, determine the appropriate decision under uncertainty using maximax, maximin, equally likely methods. States of Nature Average Market aj Using the maximax method, the appropriate decision is by Using the maximin method, the appropriate decision is c) Using the equally they method, the appropriate decision is Alternatives Large plant Small plant Overtime Do nothing Very Favorable Market $313,000 $170,000 $105,000 $0 $80,000 $60,000 $50,000 50 Unfavorable Market -$180,000 -500,000 -$8,000 50 with a value of return of senter your response as a whole number) with a value of retum of estina (enter your response as a whole number) with a value of return of senter your response as a whole number)
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