Create a decision analysis using excel for the following problem and please explain each step:

$8-14.$ Steve's Mountain Bicycle Shop is considering three options for its facility next year. Steve can expand his current shop, move to a larger facility, or make no change. With a good market, the annual payoff would be $$76,000$ if he expands, $$90,000$ if he moves, and $$40,000$ if he does nothing. With an average market, his payoffs will be $30,000,$$$41,000,$ and $$15,000,$ respectively. With a poor market, his payoff will be $-$$$17,000,-$$$28,000,$ and $$4,000,$ respectively.

$($a$)$ Which option should Steve choose if he uses the maximax criterion?

$($b$)$ Which option should Steve choose if he uses the maximin criterion?

$($c$)$ Which option should Steve choose if he uses the equally likely criterion?

$($d$)$ Which option should Steve choose if he uses the criterion of realism with $\backslash$alpha $=0\mathrm{.}4?$

$($e$)$ Which option should Steve choose if he uses the minimax regret criterion?

$8-15.$ Steve $($see Problem $8-14)$ has gathered some additional information. The probabilities of good, average, and poor markets are $0\mathrm{.}25,0\mathrm{.}45,$ and $0\mathrm{.}3,$ respectively.

$($a$)$ Using EMVs, what option should Steve choose? What is the maximum

EMV?

$($b$)$ Using EOL, what option should Steve choose? What is the minimum

EOL?