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A decision-maker is using the maximax, maximin, and LaPlace criteria for the problem below. Develop the information and identify the possible decisions for each method.
States of nature
1
2
3
Alternative A
50
55
60
Alternative B
30
80
Alternative C
70
Alternative D
-100
-10
140
Additional information
The problem related to Operations Management and it explains about developing information for alternatives given to a decision maker with maximax, maximin and Laplace criteria.
Word limit: 500
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