Given is a decision payoff table. Alternatives Small Facility Medium Facility Large Facility Low 7 6...

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Given is a decision payoff table. Alternatives Small Facility Medium Facility Large Facility Low 7 6 14 Future Demand Moderate 8 12 7 High 7 12 18 a) The best decision under uncertainty using MAXIMAX is to select Blank 1 facility b) The best decision under uncertainty using MAXIMIN is to select Blank 2 facility c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select Blank 3 facility d) If the probabilities for Future Demand when it is Low-0.35, Moderate-0.30, and High-0.35, the expected monetary value (EMV) for the large facility - Blank 4. e) If the probabilities for Future Demand when it is Low 0.35, Moderate-0.30, and High-0.35, the best decision under risk is to select Blank 5 facility. Given is a decision payoff table. Alternatives Small Facility Medium Facility Large Facility Low 7 6 14 Future Demand Moderate 8 12 7 High 7 12 18 a) The best decision under uncertainty using MAXIMAX is to select Blank 1 facility b) The best decision under uncertainty using MAXIMIN is to select Blank 2 facility c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select Blank 3 facility d) If the probabilities for Future Demand when it is Low-0.35, Moderate-0.30, and High-0.35, the expected monetary value (EMV) for the large facility - Blank 4. e) If the probabilities for Future Demand when it is Low 0.35, Moderate-0.30, and High-0.35, the best decision under risk is to select Blank 5 facility.

Answer rating: 100% (QA)

The image displays a decision payoff table with alternatives Small Facility Medium Facility Large Facility and payoffs according to different future demands Low Moderate High Below the table there are ... View the full answer