A retail outlet developer, Retail Management Group (RMG), is considering 3 potential new sites for its next outlet mall-downtown, coastal, and suburban, which yield following estimated payoffs depending on state of the economy.
Determine the possible strategies for RMG, based on each of following decision criteria. Show your work and determine the final decision in each case.
a. Maximax
b. Maximin
c. Realism (using ? = 0.75)
d. Equally Likely
e. Minimax Regret