Asean Aromatics, a manufacturer of perfumes and aromatic oils, is planning to introduce three new perfumes: Lavender Mist, Jasmine Dreams, and Sandalwood Delight. Nevertheless, the president of the company, Capt. Muralidharan is unsure about the nature of demand for this new product line of perfumes. The estimated annual profits (in $) for the three new perfumes under four different demand scenarios are provided in Table F.28. What decision would Capt. Muralidharan select if the decision is made using:

1. The Laplace criterion

2. The maximin criterion

3. The maximax criterion

4. Hurwicz criterion (α = 0.6)

5. The minimax regret

Table F.28

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State of Nature (Demand) Decision Alternative Average $60,000 $90,000 $80,000 Good Low Excellent $50,000 -$40,000 $80,000 $130,000 $100,000 Lavender Mist $110,000 $150,000 Jasmine Dreams Sandalwood Delight $20,000 $120,000