BSAN54000-Assignment 2 *Please submit both this word file and the excel files. Question 1 (10 points) Please answer all parts (a through g) of the question #17 on page 287 (Kros Chapter 4). Please note that you do not have to use TreePlan for this assignment. Hand drawn decision tree with legible annotations are acceptable provided you can explain the diagram you developed. Also, for parts a, b, c, d, e, f --Explain your findings in words. 17. A couple has just purchased a second home to remodel into a bed and breakfast. The table below contains their expected profit ($000s) the first year, depending on how many rooms they choose to remodel and demand. Construct an Excel spreadsheet to answer the following: a. For the information in the table, what decision would be made if the maximax criterion is used? b. For the information in the table, what decision would be made if the maximin criterion is used? c. For the information in the table, what decision would be made if the minimax regret criterion is used? d. For the information in the table, what decision would be made if the equal likelihood criterion is used? e. For the information in the table, what decision would be made if the Hurwicz criterion is used with alpha=0.75? f. For the information in the table, what is the expected value of each alternative? What is the best decision? g. Using the information in the table and TreePlan, draw a decision tree for the problem. Be sure to care- fully label the branches of the tree and provide the value at each node. DEMAND ALTERNATIVE LOW (0.30) MODERATE (0.50) HEAVY (0.20) 5 rooms 10 rooms 15 rooms 15 10 505 238 20 35 50 282 25 50 75