Given the following payoff table determine the best alternat

Given the following payoff table, determine the best alternatives based on the criteria listed below :

Alternative:                                                           State of Nature

                                                                                e1                  e2                    e3

       a1                                                                        $3,250         $5,000               -$2,000

      a2 $3,000          $4,000                $500                  

      a3                                                                         $2,500          $2,500                 $2,500

a. Laplce b. Maximin   c. Maximax   d. Hurwicz e. Minimax

Problem 13-22. for introduction to management science

Solution