Use Excel to develop a spreadsheet model that accepts a payoff table and gives the best choice for each of the following approaches. Note that the Excel model must work for any number of alternatives and scenarios with a maximum of 10 alternatives and 10 scenarios.

• Optimistic
• Pessimistic
• Realistic ( shpuld be a model parameter)
• Equally likely
• Opportunity loss (with a pessimistic approach)

Hint: You need to use the following Excel functions:

• Max
• Min
• If
• Average

Please if possible include excel formulas, thank you