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c. As part of the cafe analysis, Rose wants to seek more certainty about the size of the cafe she should open before taking the
c. As part of the cafe analysis, Rose wants to seek more certainty about the size of the cafe she should open before taking the plunge (no pun intended). The following payoff matrix has been created for the cafe. Decision Market Alternatives Strong Average weak Small 85 40 (5) Medium 130 60 (20) Large 160 55 (50) Develop a decision table to determine the following: i. What action should be selected following the maximin criterion? (1 mark) ii. What action should be selected following the maximax criterion? (1 mark) iii. What action should be selected following the equally likely criterion? ( 2 marks) iv. What action should be selected following the minimax regret criterion? (2 marks)
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