Revise the Excel spreadsheet in Figure 8.1 to create a template for a decision with four alternatives
Question:
Revise the Excel spreadsheet in Figure 8.1 to create a template for a decision with four alternatives and four outcomes.
Figure 8.1
Transcribed Image Text:
IF function is used to identify the best alternative. Identifies maximum Identifies minimum payoff. payoff. Thompson Lumber (Dec Making Under Uncertainty) PAYOFFS Outcomes Modera de Maximan Masimin in payolf MNBS.05) Rdemand Low deman -120000 Choce FIES-MAXESE37 Besr Fite-MAXIESS EST Best Choice F35-MAXOS5 G57 Besr FIG-MAGSS GS7) Best Alternatives Large plant 200000 Smal plant No plant -MAX(BS 05) -MAXDE DE) 100000 90000 s0000 20000 PAYOFS 10 Ainernative H Large plant 12 Smal pant 13 No plant 14 Outcomes Tar mare Hurwicz Eeually kely Poor markel -120000 20000 Realem payolf Chece Averaga payel Choice 200000 100000 50000 -FS14MAX(B12 012)-(1-FS14N812012) FE12-MAXIES11ES13 Besr AVERAGEIBI2012) FG12-MANOS11.GS13 Beatr 045 -15 16 REGET 17 ARernatives 18 Large plantMAXBSS B85 -MAXICSS.CSCS MANOSSOSOSMAXS1801E 19. Smal plant 20 No p Outcomes Loderae demand Manimaxi AVERAGE function is used to calculate Nigh Cemand Lew demand Oce FE1-NES1SES20), Best SFIE-NES1SES20 Best -MAXBS5.557-88 -MAKICS5 CS7-08 -MAXOSS.DS708-MAXB1901) equally likely payoffs. Formula to calculate regret values Identifies maximum - a x maximum payoff + (1-a) x minimum payoff regret.
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Managerial Decision Modeling Business Analytics With Spreadsheet
ISBN: 9781501515101
4th Edition
Authors: Nagraj Balakrishnan, Barry Render, Ralph Stair, Charles Munson
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