Hello any help with finding information regarding the below scenario and questions would be greatly appreciated Thanks in advance Scenario You are a business owner faced with an important decision that could potentially be very lucrative Keep in mind the Six Steps in Decision Making as you set up your decision analysis What is the problem and objective of this decision Identify at least 3 alternatives and 3 states of nature Create a decision table in Excel Identify the potential payoff losses for each alternative and state of nature and include in your decision table Choose two decision strategies and determine the best alternative (Clearly state the best alternative for each strategy ) Optimistic Pessimistic Criterion of Realism (Hurwicz) Why did you choose the two strategies What are the results of the best alternative What is your final decision

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Question: Hello any help with finding information regarding the below scenario and questions would be greatly appreciated! Thanks in advance.. Scenario: You are a business owner

Hello any help with finding information regarding the below scenario and questions would be greatly appreciated! Thanks in advance..

Scenario:You are a business owner faced with an important decision that could potentially be very lucrative. Keep in mind the "Six Steps in Decision Making" as you set-up your decision analysis.

What is the problem and objective of this decision?
Identify at least 3 alternatives and 3 states of nature.
Create a decision table in Excel.
Identify the potential payoff/losses for each alternative and state of nature and include in your decision table.
Choose two decision strategies and determine the best alternative: (Clearly state the best alternative for each strategy.)
- Optimistic
- Pessimistic
- Criterion of Realism (Hurwicz)
Why did you choose the two strategies? What are the results of the best alternative? What is your final decision?

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