Problem A please ### Decision Table for Thompson Lumber**Table 3.1 Decision Table with Conditional Values**This table is used to evaluate the potential outcomes for Thompson Lumber under different market conditions. It presents three alternatives and their corresponding financial gains or losses in both favorable and unfavorable market scenarios.| Alternative | Favorable Market ($) | Unfavorable Market ($) ||---------------------------|----------------------|------------------------|| Construct a large plant | 200,000 | -180,000 || Construct a small plant | 100,000 | -20,000 || Do nothing | 0 | 0 |**Note:** It is important to consider all alternatives, including the option of "doing nothing."### Explanation:- **Construct a Large Plant:** - If the market is favorable, the profit will be $200,000. - If the market is unfavorable, there will be a loss of $180,000.- **Construct a Small Plant:** - If the market is favorable, the profit will be $100,000. - If the market is unfavorable, there will be a loss of $20,000.- **Do Nothing:** - This option leads to zero financial change regardless of market conditions.This decision table aids in applying decision theory models by structuring potential financial consequences in a clear format. Here are the changes to the original problem and the revised conditions for this decision-making problem:- With a favorable market, John Thompson thinks a large facility would result in a net profit of $190,000 to his firm.- If the market is unfavorable, the construction of a large facility would result in a $190,000 net loss.- A small plant would result in a net profit of $120,000 in a favorable market, but a net loss of $30,000 would occur if the market was unfavorable.- Doing nothing would result in $0 profit in either market condition.Tasks:a) Create a decision table, like the one presented in Table 3.1 (page #65).b) What is your recommendation if you would apply the Maximax criterion (Optimistic)? Follow the guidance from your textbook and create a table similar to Table 3.2 (page #66).c) What is your recommendation if you would apply the Maximin Criterion (Pessimistic)? Follow the guidance from your textbook and create a table similar to Table 3.3 (page #66).d) What is your recommendation if you would apply the Criterion of Realism (Hurwicz Criterion) with a coefficient of realism α = 0.7? Follow the guidance from your textbook and create a table similar to Table 3.4 (page #67).e) What is your recommendation if you would apply the Equally Likely criterion (Laplace)? Follow the steps from your textbook and create a table similar to Table 3.5.f) What is your recommendation if you would apply the Minimax Regret criterion? Follow the guidance from your textbook and create 3 tables similar to Tables 3.6, 3.7, and 3.8 (pages 68-69).g) What is your recommendation if you would apply the Expected Monetary Value, assuming that the probability of a favorable market is 60% and the probability of an unfavorable market is 40%? Follow the guidance from your textbook and create a table similar to Table 3.9 (page 70).

(a) In unfavorable market the constriction of large facility would result is $190,000 loss and…

Here are the changes to the original problem and the revised conditions for this decision-making problem: With a favorable market, John Thompson thinks a large facility would result in a net profit of $190,000 to his firm.

Here are the changes to the original problem and the revised conditions for this decision-making problem: With a favorable market, John Thompson thinks a large facility would result in a net profit of $190,000 to his firm.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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