(Solved): 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. Assume that for a randomly selected day, there is a

probability of cold weather,

probability of mild weather, and

probability of warm weather. The following table represents the cost of the operations per hour for each alternative-state-of-nature combination: Develop a solution (manually) for this problem considering the following decision criterion: Optimistic Pessimistic Criterion of Realism (alpha

) Laplace Criterion Minimax Regret EMV EVwPI EVPI EOL Create a table with each criterion, the best decision, and the associated payoff.