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The Winners” a chemical manufacturing company is planning to build an additional production plant for packing materials. “The Winners” has to decide whether to build a small, medium or large facility. The Operations Manager of “The Winners” has conducted a survey of food making companies and collected the following data about the expected payoffs for each alternative in every possible state of nature to know the demand of their packing material.

 

Alternatives

Expected Demands

 

Low

Moderate

High

Small Facility

Rs. 20 M

Rs. 20 M

Rs. 20 M

Medium

Rs. 18 M

Rs. 23 M

Rs. 25 M

Large

Rs. 09 M

Rs. 12 M

Rs. 30 M

Considering the given data choose the most appropriate decision using each of the following criteria?

Maximin

Maximax

Laplace

Minimax Regret

 

NOTE: Give straight answer showing the best facility to choose

 

You are not required to show calculation of the data in answer. You are supposed to make this calculation on a rough sheet and give straight one line answer in which you have to mention which alternative to choose for each decision making rule(Maximin, Maximax, Laplace, Minimax regret)

 

And your answer should be like this (Hence since ------- million is the best, choose to build a ---------- using the ------- strategy)

 

Be specific and to the point. Only provide one line answer for each decision making criteria as given above.

 

plzzz help


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