2.333333 as a fraction
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The Maximax decision is that Susan should build a very large gas station due to the largest value of row maximums.
<h3>What is a decision table?</h3>A decision table can be defined as a type of table that is used for the graphical representation of the actions to perform, especially based on given conditions and business level rules.
The decision table for Susan’s problem is shown below:
<u>Size Good market Fair market Poor market Row maximum</u>
Small 50,000 20,000 -10,000 50,000
Medium 80,000 30,000 -20,000 80,000
Large 100,000 30,000 -40,000 100,000
Very large 300,000 25,000 -160,000 300,000
Thus, the Maximax decision is for Susan to build a very large gas station due to the largest value of row maximums.
For the Maximin decision, we have:
<u>Size Good market Fair market Poor market Row minimum</u>
Small 50,000 20,000 -10,000 -10,000
Medium 80,000 30,000 -20,000 -20,000
Large 100,000 30,000 -40,000 -40,000
Very large 300,000 25,000 -160,000 -160,000
Therefore, the Maximin decision is that Susan should build a small gas station due to the largest value of row minimums.
For the equally likely decision, we would find the row average:
Row 1 = (50,000 + 20,000 - 10,000)/3 = 20,000.
Row 2 = (80,000 + 30,000 - 20,000)/3 = 30,000.
Row 3 = (100,000 + 30,000 - 40,000)/3 = 30,000.
Row 4 = (300,000 + 25,000 - 160,000)/3 = 55,000.
Hence, the equally likely decision is that Susan should build a very large gas station due to the largest value of row average.
Read more on decision making here: brainly.com/question/13171394
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<u>Complete Question:</u>
Even though independent gasoline stations have been having a difficult time, Susan has been thinking about starting her own independent gasoline station. Susan’s problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Susan developed the following table:
a. Develop a decision table for this problem
b. What is the maximax decision?
c. What is the maximin decision?
d. What is the equally likely decision?
