The following solved problems refer to this payoff table:NewBridgeBuiltNoNewBridgeAlternative capacityfor new storeA 1 14B 2 10C 4 6 where A = small, B = medium, and C = large.SOLVED PROBLEMSAssume the payoffs represent profits. Determine the alternative that would be chosen under each of these decision criteria:a. Maximinb. Maximaxc. Laplace

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Optimization Models

Optimization models are mathematical models that help organizations determine the best way to allocate scarce resources to achieve specific objectives. These models can be used to solve a wide variety of problems, from finding the most efficient route for a delivery truck to determining the optimal mix of products to stock in a store.