2.Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty:  Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace and Minimax Regret. You must show your work.   PROFIT ($)   STRONG MARKET FAIR MARKET POOR MARKET Large facility 550,000 110,000 -310,000 Medium-sized facility 300,00 129,000 -100,000 Small facility 200,000 100,000 -32,000 No facility 0 0 0

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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2.Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty:  Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace and Minimax Regret. You must show your work.

 

PROFIT ($)

 

STRONG MARKET

FAIR MARKET

POOR MARKET

Large facility

550,000

110,000

-310,000

Medium-sized facility

300,00

129,000

-100,000

Small facility

200,000

100,000

-32,000

No facility

0

0

0

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