Find the maximax-maximin-equally likely

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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 $75million $50m $25m

Department Stores $83m $40m $5m

Online $180m $60m -$12m

Probability 0.60 0.30 0.10

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

b- Find the Minimax regret decision. Use Tabular Excel format.

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

Reference no: EM132646763

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