PLEASE HELP WITH THE SPREADSHEET TOO!!

Scenario: Doll Crafters is planning to roll out a new line of dolls and is trying to decide among

three different lines: the alien doll line, the high fashion doll line, and the toddler doll line. The

company wants to ensure that it makes the correct decision.

If the market demand is strong, they have estimated their annual returns to be $$135,000,$

$$55,000$ and $$85,000$ respectively for the three options $($the alien doll line, the high fashion doll

line, and the toddler doll line$).$ If the market demand is fair, they have estimated their annual

returns to be $$90,000,$$$25,000$ and $$30,000$ respectively for the three options. However, if

the demand drops and results in a poor market, they will incur losses of $$40,000,$$$10,000$ and

$$25,000$ respectively for the alien doll line, the high fashion doll line, and the toddler doll line.

Part A$.$ Please calculate by hand:

To help Doll Crafters make a decision, please create a decision table showing all the

options.

Identify the $($a$)$ maximax $($b$)$ maximin and $($c$)$ equally likely decisions. Please show your

calculations and describe your thinking.

What is the criterion of realism decision? Use a value of alpha equal to $0\mathrm{.}7.$

Create an opportunity loss table and identify the minimax regret decision.

Grading$/$evaluation of Part $A$ is based on the following rubric:

Correct formulas$/$methods used $($I need to see the formulas that you use$)$

Correct values extracted from the scenario.

Correct process of computation.

Explanation of result$($s$)$

Part B$.$

Being a smart business analyst, you figure you could automate the analyses on a

spreadsheet. Set up the Doll Crafters problem on a spreadsheet format $($see how you

should set up your spreadsheet for automation: Sample structure of a spreadsheet for a

different problem type$).$

The spreadsheet should have one location for the cells for data input $($annual returns for

the three options for strong, fair, and poor markets$).$ It should be possible to change the

values of these cells.

Have the spreadsheet then provide answers automatically to

Identify the $($a$)$ maximax $($b$)$ maximin and $($c$)$ equally likely decisions.

The criterion of realism decision $($alpha $=0\mathrm{.}7)$

the minimax regret decision

Grading$/$evaluation of Part B is based on the following rubric:

Clarity, color and ease of understanding the spreadsheet.

Use of spreadsheet functionality. I need to see that you have built in equations rather

than typing in the answers. Also show the equations you used. Make sure you use

$mi\frac{n}{m}ax$ functions.

Separation of input variables from output variables in the spreadsheet. The input data

should be in one place and referred by other cells.

Spreadsheet provides correct answers $($compare the answers in part A to the answers

obtained from your spreadsheet$).$ This is part of verification.