Question
Given is a decision payoff table. Future Demand Alternatives Low Moderate High Small Facility 33 22 18 Medium Facility 19 32 22 Large Facility -10
Given is a decision payoff table.
Future Demand | |||
Alternatives | Low | Moderate | High |
Small Facility | 33 | 22 | 18 |
Medium Facility | 19 | 32 | 22 |
Large Facility | -10 | 29 | 43 |
a) The best decision under uncertainty using MAXIMAX is to select __facility
b) The best decision under uncertainty using MAXIMIN is to select___ facility
c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select ____ 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 =
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 ___facility.
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