For the following decision table,the highest value for the equally likely criterion is ________;this occurs with alternative ________.
A)$20,000;Option 1
B)$25,000;Option 2
C)$28,000;Option 3
D)$32,000;Option 3
E)$60,000;Option 3

Question

For the following decision table,the highest value for the equally likely criterion is ________;this occurs with alternative ________. 
A)$20,000;Option 1 
B)$25,000;Option 2 
C)$28,000;Option 3 
D)$32,000;Option 3 
E)$60,000;Option 3

Quizplus · Accepted Answer

Looking at the table, the highest value for the equally likely criterion is 0.5, which occurs in two cases: Option 3 with consequence C and Option 3 with consequence D. To determine the best choice, we need to look at the other criteria. Option 3 is always the best choice for the criterion of "avoid extreme losses," so we can eliminate the other options. Option 3 is also the best choice for the criterion of "maximize the minimum outcome," since even the worst outcome (consequence D) is better than the worst outcomes for the other options. Therefore, the best choice is Option 3, with a consequence of either C or D, depending on the specific priorities of the decision maker. The maximum value for the equally likely criterion is just a tiebreaker between these two alternatives.

For the Following Decision Table,the Highest Value for the Equally