A) Which of the following approach is used to find the best alternative that maximizes the maximum profit?

A.maximax

B.minimax

C.maximin

D.minmin

B) Based on the following Profit payoff table, which decision alternative an optimistic decision maker would choose?

Decision Alternatives Favorable Unfavorable

Alternative A 50,000 -40,000

Alternative B 30,000 -20,000

Alternative C 75,000 5,000

A.Alternative A

B.Alternative B

C.Alternative C

D.none of the above

1. C) Based on the following Profit payoff table, which decision alternative a pessimisticdecision maker would choose?

Decision Alternatives Favorable Unfavorable

AlternativeA 80,000 -10,000

Alternative B 35,000 -20,000

Alternative C 25,000 - 16,000

A.Alternative A

B.Alternative B

C.Alternative C

D.none of the above