Decision analysis-maximax and maximin

Assignment Help Basic Statistics

Reference no: EM1393723

The owner of the Burger Doodle Resturant is considering two ways to expand operation: open a drive-up window or serve breakfast. Th increase in profits reulting from theise proposed expansions depend on weather a competitor opens franchise down the street. The possible profits form each expansioin in operations, give both further competitive sistuations, are shown in the following pay off table

Decision Open Not Open

Drive-up window $-6,000 $20,000

Breakfast $4,000 $8,000

Select the best decision, using the following decsion criteria

a. Maximax

b. Maximin

Reference no: EM1393723

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