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A specialty software development firm is planning to offer one of four new software products and wishes to maximize profit, minimize risk, and increase market

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A specialty software development firm is planning to offer one of four new software products and wishes to maximize profit, minimize risk, and increase market share. If a weight of 65% is assigned to profit potential. 20% to profitability risk, and 15% to market share, identify the product that would be best for the firm to introduce The following payoff matrix indicates the expected profits associated with three decision options and three states of nature Select the decision option that should be selected for i) the maximin rule, ii) the maximax rule, iii) the Laplace rule, iv) the Hurwicz rule with a = 0.25

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