A family business is considering making an investment in its manufacturing operation.Three decisions are under consideration: (1) a large investment; (2) a medium investment;and (3) a small investment.The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand;and (3) decreasing demand.The following payoff table describes the decision situation.
The best decision for the business using the maximin criterion would be to
Definitions:
Optimism
An attitude reflecting a belief or hope that the outcome of some specific endeavor, or outcomes in general, will be positive, favorable, and desirable.
Hardiness
A personality trait characterized by resilience and the ability to endure difficult conditions, contributing to effective stress management and coping strategies.
Social Support
The assistance provided by others including emotional, instrumental, informational, and appraisal support.
Neoplastic Research
The study focused on understanding and finding treatments for tumors, including the mechanisms of cancer development and progression.
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