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A plant manager considers the operational cost per hour of five machine alternatives. The cost per hour is sensitive to three potential weather conditions: cold,

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A plant manager considers the operational cost per hour of five machine alternatives. The cost per hour is sensitive to three potential weather conditions: cold, mild, and warm. The following table represents the operations cost per hour for each alternative-state of nature combination: States of Nature Weather related cost per hour Alternatives Cold cost/day Mild cost/day Warm cost/day Machine 1 $50 $45 $40 Machine 2 $52 $42 $37 Machine 3 $48 $30 $44 Machine 4 $63 $27 $40 Machine 5 $40 $45 $60 (a) Using the Optimistic criterion, which alternative is best? (b) Using the Laplace criterion, which alternative is best? (c) Using the Minimax Regret criterion, which alternative is best

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