The director of career advising at the Orange Community College desires to employ decision analysis to give information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and successful degree programs at OCC that shows the estimated 5-year gross income ($) from each degree for four future economic conditions:
|
Degree Program
|
Economic Conditions
|
|
Recession
|
Average
|
Good
|
Robust
|
|
Graphic Design
|
145,000
|
175,000
|
220,000
|
260,000
|
|
Nursing
|
150,000
|
180,000
|
205,000
|
215,000
|
|
Real Estate
|
115,000
|
165,000
|
220,000
|
320,000
|
|
Medical Tech
|
130,000
|
180,000
|
210,000
|
280,000
|
|
Culinary Tech
|
115,000
|
145,000
|
235,000
|
305,000
|
|
Computer IT
|
125,000
|
150,000
|
190,000
|
250,000
|
|
Probability
|
0.2
|
0.4
|
0.3
|
0.1
|
Determine the best degree program in terms of projected income, using the following decision criteria:
a. Maximax
b. Maximin
c. Equal likelihood
d. Hurwicz (alpha = .5)