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Very Favorable Market Unfavorable Average Market $180,000 Alternatives Market $250,000 Build new plant - $200,000 - S220,000 Subcontract S270,000 $185,000 Overtime $100,000 $50,000 so - $12,000 s0 Do Nothing s0 a) Using the decision making under uncertainty with the criterion of Maximax The appropriate decision will be The value of the return under this decision is s b) Using the decision making under uncertainty with the criterion of Maximin The appropriate decision will be The value of the retum under this decision is c) Using the decision making under uncertainty with the criterion of Equally Likely The appropriate decision will be The value of the return under this decision is SO (enter your answer as a whole number).

Very Favorable Market Unfavorable Average Market $180,000 Alternatives Market $250,000 Build new plant - $200,000 - S220,000 Subcontract S270,000 $185,000 Overtime $100,000 $50,000 so - $12,000 s0 Do Nothing s0 a) Using the decision making under uncertainty with the criterion of Maximax The appropriate decision will be The value of the return under this decision is s b) Using the decision making under uncertainty with the criterion of Maximin The appropriate decision will be The value of the retum under this decision is c) Using the decision making under uncertainty with the criterion of Equally Likely The appropriate decision will be The value of the return under this decision is SO (enter your answer 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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Very Favorable Average Market Unfavorable Alternatives Market Market Build new plant $250,000 $180.000 - S200,000 Subcontract $270.000 $185,000 - $220,000 Overtime S100.000 $50,000 - $12.000 Do Nothing SO SO $0 a) Using the decision making under uncertainty with the criterion of Maximax The appropriate decision will be The value of the return under this decision is $ b) Using the decision making under uncertainty with the criterion of Maximin The appropriate decision will be The value of the return under this decision is $ c) Using the decision making under uncertainty with the criterion of Equally Likely The appropriate decision will be The value of the return under this decision is $ (enter your answer as a whole number).
Transcribed Image Text:Very Favorable Average Market Unfavorable Alternatives Market Market Build new plant $250,000 $180.000 - S200,000 Subcontract $270.000 $185,000 - $220,000 Overtime S100.000 $50,000 - $12.000 Do Nothing SO SO $0 a) Using the decision making under uncertainty with the criterion of Maximax The appropriate decision will be The value of the return under this decision is $ b) Using the decision making under uncertainty with the criterion of Maximin The appropriate decision will be The value of the return under this decision is $ c) Using the decision making under uncertainty with the criterion of Equally Likely The appropriate decision will be The value of the return under this decision is $ (enter your answer as a whole number).
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