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 (SI) 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.
Determine the best alternative (course of action) for the EKA manufacturing company using the maximin criterion.
Definitions:
Cyber Fraud
Fraud that involves the online theft of credit-card information, banking details, and other information for criminal use.
Unauthorized
Acting or being present without official permission or approval.
Merchandise
Goods that are bought, sold, or traded in the retail environment.
Home
A place of residence or refuge; the physical space where one lives and finds comfort, often signifying personal and emotional attachment.
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