Max is a businessman; he is trying to decide which of three mutually exclusive projects (project A, B and C) to undertake. Each of the projects could lead to varying net profit which the businessman classifies as outcomes; in addition there are three state of nature in which the profit is affected across the three projects. He has constructed the following profit table or matrix.

Net profit in TZS "000". Project

State of nature A B C

Worst 50,000 70,000 90,000

Most likely 85,000 75,000 100,000

Best 130,000 140,000 110,000

Required

State which action would be selected using each of the maximax and maximin criteria