Degree Program

Graphic design Nursing
Real estate
Medical technology Culinary technology Computer information

technology

Economic Conditions

Recession Average Good

145,000 175,000 220,000 150,000 180,000 205,000 115,000 165,000
220,000 130,000 180,000 210,000 115,000 145,000 235,000

125,000 150,000 190,000

Robust

260,000 215,000 320,000 280,000 305,000

250,000

Determine the best degree program in terms of projected income,
using the following decision criteria:

a. Maximax
b. Maximin
c. Equallikelihood
d. Hurwicz 1a = .502

InProblem32thedirectorofcareeradvisingatOrangeCommunityCollegehaspaidasmallfee
to a local investment firm to indicate a probability for each
future economic condition over the next 5 years. The firm estimates
that there is a .20 probability of a recession, a .40 probability
that the economy will be average, a .30 probability that the
economy will be good, and a .10 probability that it will be robust.
Using expected value determine the best degree program in terms of
projected income. If you were the director of career advising,
which degree program would you recommend?