A couple just purchase a victorian home to remodel into a bed and breakfast. The following table shows their expected profit the first year, depending how many rooms they choose to remodel and demand.

What decision would be best made if the following criterion were used? What is the value of the decision for each?

a) Maximax

b) Maximin

c) Minimax regret

Alternative/Decision	Low	Moderate	High
4 Rooms	$15,000	$20,000	$25,000
8 Rooms	$10,000	$35,000	$50,000
12 Rooms	$5,000	$40,000	$85,000