Question: please can you do the step by step solution on Excel also include the name of the cells and rows you used to do your

please can you do the step by step solution on Excel also include the name of the cells and rows you used to do your calculation
please can you do the step by step solution on
The Fish House (TFH) in Norfolk, Virginia sells fresh fish and seafood. TFH receives daily shipments of farm- raised trout from a nearby supplier. Each trout costs $2.15 and is sold for $3.20. To maintain its reputation for freshness, at the end of the day TFH sells any leftover trout to a local pet food manufacturer for $1.00 each. The owner of TFH wants to determine how many trout to order each day. Historically, the daily demand for trout is: 16 Demand 10 Probability o 11 0.04 12 0.18 13 0.11 14 0.08 15 0.15 17 0.1 18 0.07 19 0.06 20 0.03 0.18 A. Construct a payoff matrix for this problem. B. What decision should be made according to the maxi max decision rule? c. What decision should be made according to the maximin decision rule? D. What decision should be made according to the minimax regret decision rule? E. What decision should be made according to the EMV decision rule? F. What decision should be made according to the EOL decision rule? G. How much should the owner of TFH be willing to pay to obtain a demand forecast that is 100% accurate? H. Which decision rule would you recommend TFH use in this case? Why? The Fish House (TFH) in Norfolk, Virginia sells fresh fish and seafood. TFH receives daily shipments of farm- raised trout from a nearby supplier. Each trout costs $2.15 and is sold for $3.20. To maintain its reputation for freshness, at the end of the day TFH sells any leftover trout to a local pet food manufacturer for $1.00 each. The owner of TFH wants to determine how many trout to order each day. Historically, the daily demand for trout is: 16 Demand 10 Probability o 11 0.04 12 0.18 13 0.11 14 0.08 15 0.15 17 0.1 18 0.07 19 0.06 20 0.03 0.18 A. Construct a payoff matrix for this problem. B. What decision should be made according to the maxi max decision rule? c. What decision should be made according to the maximin decision rule? D. What decision should be made according to the minimax regret decision rule? E. What decision should be made according to the EMV decision rule? F. What decision should be made according to the EOL decision rule? G. How much should the owner of TFH be willing to pay to obtain a demand forecast that is 100% accurate? H. Which decision rule would you recommend TFH use in this case? Why

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!