Determine the approximate decision

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Reference no: EM1331233

Given the following conditional value table:

Very Favorable Average Unfavorable

Alternatives Market Market Market

Build new plant $350,000 $240,000 -$300,000

Subcontract $180,000 $ 90,000 -$ 20,000

Overtime $110,000 $ 60,000 -$ 10,000

Do nothing $ 0 $ 0 $ 0

Determine the approximate decision under uncertainty using:

a) Maximax

b) Maximin

c) Equally likely

Reference no: EM1331233

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