Question: . Create a decision table for the four alternatives. Evaluate the decision using expected value. What is the best decision? Evaluate the decision using maximax,

. Create a decision table for the four alternatives. Evaluate the decision using expected value. What is the best decision? Evaluate the decision using maximax, maximin, and equally likely. What is the best decision under each criterion? Last, perform some sensitivity analysis using Goal Seek. Find out how much the probability of a favorable market would have to change to make the expected value of the top two alternatives equal. Since this is difficult to do on three probabilities, hold the unfavorable market probability constant. That is, if the favorable market
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
