Question: Problem 2 ( 2 0 points ) : Lucy Ennis eats lunch at a local restaurant two or three times a week. When selecting a
Problem points: Lucy Ennis eats lunch at a local restaurant two or three times a week. When selecting a restaurant, she uses two criteria: minimizing travel time and minimizing cost. Today, Lucy is considering the following six restaurants:
Restaurant Distance travel time Average Price
Subway $
Sys Sandwiches $
Bubbas Italian Barbecue $
Blue China Caf $
Benihana $
Big Fish Restaurant $
If Lucy considers cost to be times more important than distance given the range of available alternatives and proportionally scales distance and cost to make them additive, where should she go for lunch today? Please use a decision tree model with a linked spreadsheet to solve the problem, considering both expected monetary value EMV and risk profile.
Important Note: Please read the following instructions carefully before submitting the completed assignment.
Please upload by the due date one Word file with written explanations for each problem and two Excel spreadsheets for the two problems, respectively. Ensure your names and problem numbers are clearly stated. Use the 'Assignment' link in the menu on the left panel of the Canvas learning management system for this purpose.
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