Revise the Excel spreadsheet in Figure 8.1 to create a template for a decision with four alternatives
Question:
Revise the Excel spreadsheet in Figure 8.1 to create a template for a decision with four alternatives and four outcomes.
Figure 8.1
Transcribed Image Text:
IF function is used to identify the best alternative. Identifies maximum Identifies minimum payoff. payoff. Thompson Lumber (Dec Making Under Uncertainty) PAYOFFS Outcomes Modera de Maximan Masimin in payolf MNBS.05) Rdemand Low deman -120000 Choce FIES-MAXESE37 Besr Fite-MAXIESS EST Best Choice F35-MAXOS5 G57 Besr FIG-MAGSS GS7) Best Alternatives Large plant 200000 Smal plant No plant -MAX(BS 05) -MAXDE DE) 100000 90000 s0000 20000 PAYOFS 10 Ainernative H Large plant 12 Smal pant 13 No plant 14 Outcomes Tar mare Hurwicz Eeually kely Poor markel -120000 20000 Realem payolf Chece Averaga payel Choice 200000 100000 50000 -FS14MAX(B12 012)-(1-FS14N812012) FE12-MAXIES11ES13 Besr AVERAGEIBI2012) FG12-MANOS11.GS13 Beatr 045 -15 16 REGET 17 ARernatives 18 Large plantMAXBSS B85 -MAXICSS.CSCS MANOSSOSOSMAXS1801E 19. Smal plant 20 No p Outcomes Loderae demand Manimaxi AVERAGE function is used to calculate Nigh Cemand Lew demand Oce FE1-NES1SES20), Best SFIE-NES1SES20 Best -MAXBS5.557-88 -MAKICS5 CS7-08 -MAXOSS.DS708-MAXB1901) equally likely payoffs. Formula to calculate regret values Identifies maximum - a x maximum payoff + (1-a) x minimum payoff regret.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 37% (8 reviews)
To revise the Excel spreadsheet in Figure 81 to create a template for a decision with four alternatives and four outcomes you would follow these steps ...View the full answer
Answered By
Fahmin Arakkal
Tutoring and Contributing expert question and answers to teachers and students.
Primarily oversees the Heat and Mass Transfer contents presented on websites and blogs.
Responsible for Creating, Editing, Updating all contents related Chemical Engineering in
latex language
4.40+
8+ Reviews
22+ Question Solved
Related Book For
Managerial Decision Modeling Business Analytics With Spreadsheet
ISBN: 9781501515101
4th Edition
Authors: Nagraj Balakrishnan, Barry Render, Ralph Stair, Charles Munson
Question Posted:
Students also viewed these Business questions
-
Revise the Excel spreadsheet in Figure 8.3 to create a template for a decision with four alternatives and four outcomes. Figure 8.3 A. D. E 1 Thompson Lumber (Dec Making Under Risk) 3 PAYOFFS...
-
A decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table. The decision maker obtains information that enables the following...
-
People visiting video rental stores often rent more than one DVD at a time. The probability distribution for DVD rentals per customer at Video To Go is given in the table below. There is a five-video...
-
Give the eccentricities of conic sections with one focus at the origin of the polar coordinate plane, along with the directrix for that focus. Find a polar equation for each conic section. e = 1/2, r...
-
The equilibrium constant Kc for the reaction equals 4.0 1013 at 25oC. Does the equilibrium mixture contain predominantly reactants or products? If [NO] = [O2] = 2.0 106 M at equilibrium, what is...
-
Which entity form(s) recognize owners as employees of the business?
-
A wire carrying a \(3.0-\mathrm{A}\) current lies along the \(x\) axis of an \(x y\) coordinate system, extending from \(x=0\) to \(x=10 \mathrm{~m}\). What is the magnitude of the magnetic field at...
-
Griseta Corporation was organized on January 1, 2011. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At...
-
29. If A 21+j+k and B=1+2j+2k, find the magnitude of component of (A+B) along B: (1) 4 unit (2) 5 unit (3) 6 unit (4) 7 unit 30. Which of the following group of forces cannot produce the resultant of...
-
Ashley's Auto Top Carriers currently maintains plants in Atlanta and Tulsa that supply major distribution centers in Los Angeles and New York. Because of an expanding demand, Ashley has decided to...
-
Xun Xus Aeronautics is comparing market research proposals from two different companies. If both research reports were free, the EMV using the report from Jackson Analytics would be $240,000, while...
-
Consider the Thompson Lumber EMV decision from Table 8.8. Suppose that the utility function for Thompson Lumber can be expressed as 1 1.2 [(X + 120,000) / 30,000] for monetary value X. (a) Compute...
-
What are the critical success factors for successfully running a cheese business? What skills and abilities and resources do the new owners bring to this business? What critical success factors dont...
-
How much revenue should Ski Time recognize in December for the sale of the season pass to Sue, assuming they use an output-based measure to recognize revenue? 2. How much revenue should Ski Time...
-
Why does the balanced scorecard can be utilized to facilitate process change even after the project has been finalized?
-
Relevant Costs for Equipment Replacement Decision Health Scan, Inc. paid $50,000 for X-ray equipment four years ago. The equipment was expected to have a useful life of 10 years from the date of...
-
https://www.bbc.comews/business-40945709 this article is titled - how jeans giant Levi Strauss got it's mojo back. please read the article before answering the questions, answer in full detailed...
-
What are challenges faced by patient accounting due to reimbursement requirements?
-
In Example 1, what must the ratio of the prices p2: p3: p4: p5: p6 be in order that the yields Yldk, k = 2, 3, 4, 5, 6, all be the same? (In this case, any sustainable harvesting policy will produce...
-
Differentiate the following terms/concepts: a. Personality types and money attitudes b. Planners and avoiders c. Moderating and adapting to biases d. "Perfectible judges" and "incorrigible judges"
-
What does the degree of brand familiarity imply about previous and future promotion efforts? How does the degree of brand familiarity affect the Place and Price variables?
-
You operate a small hardware store with emphasis on manufacturer brands and have barely been breaking even. Evaluate the proposal of a large wholesaler that offers a full line of dealer-branded...
-
Give an example where packaging costs probably ( a ) lower total distribution costs and ( b ) raise total distribution costs.
-
(1). A cylinder (diameter D = 0.1m, length L = 1.0m) is immersed in an ideal fluid (viscosity = 0, density = 1,000 kg/m), which is flowing at a velocity of 3 m/s. Experiments have been carried out to...
-
2. The superalloy in a turbine blade, Inconel 718, has a room-temperature strength equal to 1.2 GPa. It decreases with temperature as: =00 1- T-To Tm-To where To is the room temperature and Tm is the...
-
2. . Determine the resultant of the two forces (magnitude and direction) acting on the eye bolt. F=201 57/2 F = 10k X
Study smarter with the SolutionInn App