Answer Happy

The following alternatives are there:
1) construct a large plant
2) construct a normal plant
3) construct a small plant
The natures (favorable or unfavorable) are
described in the following table:
State of Nature
Alternative
Favorable market &
Unfavorable market &
Construct a large plant
50000
20000
Construct a normal plant
30000
10000
Construct a small plant
20000
8000
What is your correct decision if you
use:
a) Maximax; b) Maximin; c)Equally
likely (Laplace) criterion; d) Hurwitz criterion (where
α=0.4);
e) Minimax regret
criterion