Wired & Plugged specializes in manufacturing modern electronic components. It also builds equipment that produces the components.The marketing and production directors advised the president about a proposed manufacturing facility in the form of a payoff table:

Table 2

Decision	Profits($)
Strong Marked	Fair Market	Poor Market
Large-sized facility Medium-sized facility Small-l sized facility No Facility	550,000 300,000 200,000 0	110,000 129,000 100,000 0	-310,000 -100,000 -32,000 0

1. What decision should be made using the LaPlace criterion
2. What decision should be made using the Maximin criterion?
3. What decision should be made using the Maximax criterion?
4. Construct an Opportunity Loss (Regret) table. What decision should be made under Maximax Regret?
5. Suppose the president specified = 0.7,what decision should be made under the Hurwicz criterion
6. If the probability of a strong market was assessed at 0.3 that a fair market was assessed at 0.3, and the probability of a poor market was determined to be 0.4, which decision should be made based on expected values?
7. Using the information from (d) and (f) [ or otherwise], evaluate the expected value of perfect information( EVPI)