1. Calculate the Max, Min, and Average payoffs for each decision alternative and fill cells F5 to H7 appropriately. 2. Use the Max function in F8, 68, H8 to calculate the values of the heuristics. 3. Format the cells in the model as Currency cells. 4. For row 9, make a note (manually enter) of the alternatives that correspond to the heuristics values calculated in row 8. D B Data 1 2 3 4 5 6 7 3 States of Nature & Payoffs Decision Alternatives Favourable Market Unfavourable Market Large Plant $200,000 $180,000 Small Plant $100,000 $20,000 No Plant $0 SO Model with Three Different Heuristics Payoffs based on Max, Min, Average Heuristics Maximax Heuristic Maximin Heuristic Equally Likely Heuristic Decision Alternatives Max Min Average Large Plant Small Plant No Plant Max Best Alternative (based on Heuristic) 9 1. Calculate the Max, Min, and Average payoffs for each decision alternative and fill cells F5 to H7 appropriately. 2. Use the Max function in F8, 68, H8 to calculate the values of the heuristics. 3. Format the cells in the model as Currency cells. 4. For row 9, make a note (manually enter) of the alternatives that correspond to the heuristics values calculated in row 8. D B Data 1 2 3 4 5 6 7 3 States of Nature & Payoffs Decision Alternatives Favourable Market Unfavourable Market Large Plant $200,000 $180,000 Small Plant $100,000 $20,000 No Plant $0 SO Model with Three Different Heuristics Payoffs based on Max, Min, Average Heuristics Maximax Heuristic Maximin Heuristic Equally Likely Heuristic Decision Alternatives Max Min Average Large Plant Small Plant No Plant Max Best Alternative (based on Heuristic) 9