MedStar Health is expanding into Virginia. The firm must select one location where it can build a clinic to serve patients. The following table lists the expected profits for clinics in three locations and the expected probabilities of the two possible situations: high numbers of patients utilizing the clinic or low numbers of patients utilizing the clinic.
Location
High (0.75)
Low (0.25)
Alexandria
$1,500,000
$600,000
Woodbridge
$950,000
$900,000
Leesburg
$1,200,000
$200,000
Find the best decision using the following:
a. Develop a payoff table for this situation.
b. Find the following:
- Maximax
- Maximin
- Equal likelihood
- Minimax regret
c. Create a sensitivity graph comparing the different alternatives as the probability of numbers of patients changes.
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