Please show all step and how did you get the answer in Excel (where to go to and fill in what number). Thank you! Bob owns a t-shirt store. Bobs hometown team is playing for the championship this weekend. Bob needs to decide whether to print some championship t-shirts to sell to fans if his hometown team wins the championship.

Bob knows that his best chance to sell a lot of shirts is to have the shirts ready to sell as fans are leaving the championship game. But what happens if the hometown team loses the championship game then no one will want the shirts!

It will cost Bob $200 to make the shirts, but he thinks he can sell them for $600. The local newspaper puts the probability of the hometown team winning the championship at 30%.

Answer the following questions:

What are alternative options for Bob?

What is state of nature?

What are prior probabilities?

Create Decision Tree in Excel by hand and by DADM.

What should Bob do?