A supplier of gasoline is considering whether to build a new
station. The annual returns will...
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Advance Math
A supplier of gasoline is considering whether to build a newstation. The annual returns will depend on both the size of thestation and marketing factors such as the oil industry and localdemand of gasoline. The following data is available for decisionmaking:
Size of Station
State ofNaure
Good Market
FairMarket
PoorMarket
Small
50,000
20,000
-10,000
Medium
80,000
30,000
-20,000
Large
100,000
30,000
-40,000
Very large
300,000
25,000
-160,000
Develop an appropriate decision table for this case.
What is the maximax decision?
What is the maximin decision?
What is the equally likely decision?
What is the criterion of realism decision? Use ? = 0.8.
Develop an opportunity loss table?
What is the minimax regret decision?
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