1. Chad Holms has been thinking about starting his own gasoline station. Chad has to decide on the size of the gas station. The annual profit will depend on both the size of the station and a number of marketing factors related to the oil industry and demand for gasoline. After careful analysis, Chad developed the following table.

Size of Gas Station	Good Market	Moderate Market	Poor Market	Maximum	Minimum	Equally Likely	Hurwitz
Small	$255,000	$150,000	$90,000
Medium	$290,000	$270,000	$110,000
Large	$350,000	$180,000	-$140,000
Probability	0.30	0.50	0.20

1. Complete the above table and identify best decisions (choices) under Maximax, Maximin, Equally Likely, and Hurwitz criterion.

Maximax Decision: Maximax Profit:

Maximin Decision: Maximin Profit:

Equally Likely Decision: Equally Likely Profit:

Hurwitz Decision: Hurwitz Profit:

Minimax Regret Decision: Minimax Regret Profit