A decision-maker is using the maximax, maximin, and LaPlace criteria for the problem below. Develop the information and identify the possible decisions for each method.
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States of nature
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1
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2
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3
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Alternative A
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50
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55
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60
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Alternative B
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30
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50
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80
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Alternative C
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70
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80
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70
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Alternative D
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-100
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-10
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140
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Additional information
The problem related to Operations Management and it explains about developing information for alternatives given to a decision maker with maximax, maximin and Laplace criteria.
Word limit: 500