Economic Conditions Degree Program Recession Average Good Robust 220,000 Graphic design Nursing 145,000 150,000 115,000 130,000 115,000 175,000 260,000 180,000 205,000 215,000 320,000 280,000 305,000 Real estate 165,000 220,000 Medical technology Culinary technology Computer information technology 180,000 210,000 235,000 145,000 125,000 150,000 190,000 250,000

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter9: Decision Making Under Uncertainty
Section9.3: Single-stage Decision Problems
Problem 6P
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The director of career advising at Orange Community College wants to use decision analysis to
provide information to help students decide which 2-year degree program they should pursue.
The director has set up the following payoff table for six of the most popular and successful degree
programs at OCC that shows the estimated 5-year gross income ($) from each degree for
four future economic conditions: Determine the best degree program in terms of projected income, using the following decision
criteria:
a. Maximax
b. Maximin
c. Equal likelihood 

Economic Conditions
Degree Program
Recession
Average
Good
Robust
220,000
Graphic design
Nursing
145,000
150,000
115,000
130,000
115,000
175,000
260,000
180,000
205,000
215,000
320,000
280,000
305,000
Real estate
165,000
220,000
Medical technology
Culinary technology
Computer information
technology
180,000
210,000
235,000
145,000
125,000
150,000
190,000
250,000
Transcribed Image Text:Economic Conditions Degree Program Recession Average Good Robust 220,000 Graphic design Nursing 145,000 150,000 115,000 130,000 115,000 175,000 260,000 180,000 205,000 215,000 320,000 280,000 305,000 Real estate 165,000 220,000 Medical technology Culinary technology Computer information technology 180,000 210,000 235,000 145,000 125,000 150,000 190,000 250,000
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