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Find the maximax and maximin and equally likely

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Reference no: EM132502098

A new small manufacturing company, which produces toys, has to decide whether it wants to distribute its products through a wholesale distributor, go directly to department stores, or go strictly online. The following table shows revenue results for each condition.

Distribution Network Good Economy Fair Economy Poor Economy

Wholesale $75 Million $50 Million $30 Million

Department Stores $83 Million $40 Million $2 Million

Online $180 Million $60 Million -$140 Million

Probability 0.50 0.30 0.20

Question 1: Find the Maximax, Maximin, Equally likely, and Hurwicz Decisions. Must show all work and calculations in tabular Excel format.

Question 2: Find the Minimax regret decision. Use Tabular Excel format.

Based on above analysis, what is your recommendations to the management?

Reference no: EM132502098

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