Question 1. Data normalization is a "process in which data inside a database is reorganized in such a way that users can better use that database for further queries and analysis". To normalize data in Excel, the formula used for this is: =(A1 - MIN(A:A)) / (MAX(A:A) - MIN(A:A)). For a further explanation of this equation, see https://travishorn.com/excel-formula-to-scale-data-from-0-to-1-64008ffc2013 Links to an external site.. If you don't like this approach, there are numerous explanations showing how to do this on the web. Do a Google search for "data normalization excel between 0 and 1".

Question 2. The Marginal Rate of Substitution (MRS) is defined as "the rate at which a consumer is willing to forgo a number of units good X for one more of good Y at the same utility". The equation for MRS is simply MUx/MUy where the MUx is the marginal utility of good x and MUy is the marginal utility of good y. To do this in Excel, the following link provides an example of Marginal Utility in Excel: https://www.educba.com/marginal-utility-formula/?source=leftnav Links to an external site.. Once you have calculated MUx and MUy use the Mux/MUy formula to determine MRS. Remember to use the bulleted statements on page 212 for this step of the problem.

Question 3. Weighted scoring is designed to help you decide how to prioritize product features. The math is pretty easy to do. Use the weights you calculated in step 2 and use the normalized data you calculated in step 1. Step 1. Compile a list of the features and other initiatives under consideration. (This is done for you in the case. See the table on page 212) Step 2. Devise a list of criteria, including both costs and benefits, on which youll be scoring each of these initiatives.(Again, this is done for you in the case. See the table on page 212.) Step 3: Determine the respective weights of each criterion youll be using to evaluate your competing initiatives. (You did this in question 2.) For example, lets say you determine that the benefit Increase Revenue should be weighted more heavily in the overall score than the cost Implementation Effort. Then you will want to assign a greater percentage of the overall score to Increase Revenue. The screenshot here shows an example of a team using six scoring criteriathree costs, three benefitson which to rank the relative strategic value of five competing product initiatives. ProductPlan Planning Board Weighted Scoring Model Step 4: Assign individual scores for each potential feature or initiative, across all of your cost-and-benefit metrics, and then calculate these overall scores to determine how to rank your list of items. (Your answer to this step should resemble the work shown in the figure above.) My answers for questions 1-3 are shown in the snip below: snip-2.jpg

Question 4. Make some charts. You really cannot go wrong here. Use the Insert ---> Charts command on the Excel Ribbon. Use the data you've generated thus far and make some charts. Your charts should help you make a decision about which camper to choose.

Question 5. The answers to this question will vary by group. Justify your answer(s) here.

Questions 6-10. For these questions, you're basically modifying or tweaking the work you've already done to explore sensitivity. Show your work in Excel and provide graphs and narrative support when asked. Be sure to directly answer all questions in bold. For assistance, please read the wiki article on sensitivity analysis: https://en.wikipedia.org/wiki/Sensitivity_analysis Links to an external site.. Final Question: Provide an answer to professor Smith. Write up a simple paper with an Executive Summary, problem statement, alternatives, and your recommendation.