Question: The director of career advising at the Charm City Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for four of the most popular and successful degree programs at the college that shows the estimated 5-year gross income (in thousands of dollars) from each degree for three future economic conditions:

Economic Condition

Degree Program Recession Average Good

Graphic design 140 160 160

Nursing 120 180 200

Real estate 110 180 220

Medical technology 150 150 150

Determine which 2-year degree program to pursue and the profit associated with it by finding the optimal decision using the following decision criteria:

1. Maximax
2. Maximin
3. Equal likelihood
4. Minimax regret

Price: $2.99

Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document