3 Given the following conditional value table, determine the appropriate decision under uncertainty using maximax, maximin, equally likely methods.States of NatureAverage Marketaj Using the maximax method, the appropriate decision isby Using the maximin method, the appropriate decision isc) Using the equally they method, the appropriate decision isAlternativesLarge plantSmall plantOvertimeDo nothingVery Favorable Market$313,000$170,000$105,000$0$80,000$60,000$50,00050Unfavorable Market-$180,000-500,000-$8,00050with a value of return of senter your response as a whole number)with a value of retum ofestina(enter your response as a whole number)with a value of return of senter your response as a whole number)

Given, Alternatives Very favorable Average market Unfavourable market Large plant 313000 80000…

Answered: Given the following conditional value…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section9.2: Elements Of Decision Analysis

Problem 1P

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