QUESTION 5 Supposing Petromin intends to build another oil refinery in PNG apart from the existing 2 small oil refinerie

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QUESTION 5 Supposing Petromin intends to build another oil refinery in PNG apart from the existing 2 small oil refinerie

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Question 5 Supposing Petromin Intends To Build Another Oil Refinery In Png Apart From The Existing 2 Small Oil Refinerie 1
Question 5 Supposing Petromin Intends To Build Another Oil Refinery In Png Apart From The Existing 2 Small Oil Refinerie 1 (63.96 KiB) Viewed 16 times
QUESTION 5 Supposing Petromin intends to build another oil refinery in PNG apart from the existing 2 small oil refineries (refer to question 2 above). The alternatives are to either build a big refinery, medium refinery, small refinery or no refinery at all. It has forecast the demand for its oil against the 4 alterative as shown in the table below. Alternatives Build large refinery Build medium refinery Build small refinery No refinery High demand 650000 150000 70000 0 Outcomes Moderate demand 543000 100000 40000 0 Low demand 325000 65000 20000 0 Undertake a decision analysis. Specifically, apply the maximax, maximin, Laplace and minimax (regret) approaches. Interpret your results.
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