Cost Maximization: A project has estimated the following payoff table. Determine the best decision using the following c

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Cost Maximization A Project Has Estimated The Following Payoff Table Determine The Best Decision Using The Following C 1 (32.17 KiB) Viewed 13 times

Cost Maximization: A project has estimated the following payoff table. Determine the best decision using the following criteria. A 1. Maximax (2 marks) 2. Maximin (2 marks) 3. Hurwicz, a = 0.35 (3 marks) 4. Minimax Regret (3 marks) 5. EVPI (3 marks) You can use the HTML Editor to enter your answer in tables. You can also insert images. Decisions Probabilities A BU C State 1 0.10 152,750 131,100 137,000 States of Nature State 3 0.30 141,000 147,100 155,000 State 2 0.20 143,500 140,100 146,000 State 4 0.25 138,500 158,100 166,000 State 5 0.15 136,000 155,600 150,000