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A plant manager considers the operational cost per hour of five machine alternatives. The cost per...

A plant manager considers the operational cost per hour of five machine alternatives. The cost per hour is sensitive to three potential weather conditions: cold, mild, and warm. The following table represents the operations cost per hour for each alternative-state of nature combination:

States of Nature

Weather related cost per hour

Alternatives

Cold cost/day

Mild cost/day

Warm cost/day

Machine 1

$42

$40

$45

Machine 2

$45

$42

$47

Machine 3

$40

$35

$54

Machine 4

$60

$30

$48

Machine 5

$45

$40

$45

Using the optimistic criterion, which alternative is best?

Math   Statistics-And-Probability   
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