Alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt.The level of demand affects the success of both strategies.The states of nature (S_i) represent the levels of demand for the company products.S₁,S₂,and S₃ characterize High,Medium,and Low demand,respectively.The payoff values are in thousands of dollars. $\begin{array}{lccc} &&\underline{{\text { States of nature }}} \\& s_{1} & s_{2} & s_{3} \\\text { Alternative (strategy) } 1 & 110 & 80 & 70 \\\text { Alternative (strategy) } 2 & 60 & 120 & 50\end{array}$

The best alternative (course of action) for the EKA manufacturing company using the maximin criterion is strategy _____ and the best possible payoff is __________.

Question

Alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt.The level of demand affects the success of both strategies.The states of nature (S_i) represent the levels of demand for the company products.S₁,S₂,and S₃ characterize High,Medium,and Low demand,respectively.The payoff values are in thousands of dollars.

\begin{array}{lccc} &&\underline{{\text { States of nature }}} \\& s_{1} & s_{2} & s_{3} \\\text { Alternative (strategy) } 1 & 110 & 80 & 70 \\\text { Alternative (strategy) } 2 & 60 & 120 & 50\end{array}

The best alternative (course of action) for the EKA manufacturing company using the maximin criterion is strategy _____ and the best possible payoff is __________.

Quizplus · Accepted Answer

The Answer of Alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt.The level of demand affects the success of both strategies.The states of nature (S_i)represent the levels of demand for the company products.S₁,S₂,and S₃ characterize High,Medium,and Low demand,respectively.The payoff values are in thousands of dollars. $\begin{array}{lccc} &&\underline{{\text { States of nature }}} \ & s_{1} & s_{2} & s_{3} \ \text { Alternative (strategy) } 1 & 110 & 80 & 70 \ \text { Alternative (strategy) } 2 & 60 & 120 & 50 \end{array}$ The best alternative (course of action)for the EKA manufacturing company using the maximin criterion is strategy _____ and the best possible payoff is __________. A)1,$50,000 B)2,$120,000 C)1,$100,000 D)1,$70,000 E)2,$80,000

Alternatives 1 and 2 in the Following Payoff Table Represent