Question: 1. Create a new Excel file and complete a decision tree for the Shoe Lots example. The outcome should resemble Exhibit 2.9. 2. Conduct a
1. Create a new Excel file and complete a decision tree for the Shoe Lots example. The outcome should resemble Exhibit 2.9. 2. Conduct a sensitivity analysis for the first decision node. The variable to be tested is the probability of obtaining Quality Classification A. The range should be +/25%, with 11 steps. Hint: Create a small table to list the probabilities for the three classification options and make the calculations there. The cells in the tree should read from that table. Remember that the formulas must maintain the probability sum at 100%. 3. Produce a chart for the Region of Decision similar to Exhibit 2.8. 4. Create a Word file and write your conclusions
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