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Conservative and minimax regret approaches

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Reference no: EM133022605

The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium or high. The following payoff table shows the projected profit in millions of dollars:

Long-Run Demand

Low

Medium

High

Plant Size

Small, d1

150

200

200

Large, d2

50

200

500

Recommend a decision based on the use of the optimistic, conservative and minimax regret approaches.

Reference no: EM133022605

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