assume in addition to the uncertainties mentioned in the problem statement, that the following uncertainties exist: probability of freeze can range from 0 to 1, worth of the crop can range from $45,000 to $60,000, cost of setting burners varies from $4,000 to $6,000, and cost of setting sprinklers can range from $1,700 to $2,200. (Hint: probability of no freeze depends on freeze, right?)

Use Top Rank: Without using the Precision Tree, create an excel spreadsheet model for this decision problem, where you compute the expected values yourself to identify the best decision. Select as output the overall decisions EMV as well as EMVs for each strategy. Now run a What-if Analysis using Toprank. Analyze the one-way sensitivity, tornado and spider graphs. Which factors are more influential? Which factors are less influential? How does your decision change with respect to the uncertainties? (Note 1: go to analysis settings =>find inputs tab=> uncheck the when What-if Analysis Starts, Note 2: while you are not using the Precision Tree in this part of the problem, drawing the decision tree either using precision tree or on a paper would help you to visualize the problem and solution)

THIS IS ALL ONE QUESTION JUST SHOW THE EXCEL SPREADSHEET PLEASE

An orange grower in Florida faces a dilemma. The weather forecast is for cold weather, and there is a 50% chance that the temperature tonight will be cold enough to freeze and destroy his entire crop, which is worth some $50,000. He can take two possible actions to try to alleviate his loss if the temperature drops. First, he could set burners in the orchard; this would cost $5,000, but he could still expect to incur damage of approximately $15,000 to $20,000. Second, he could set up sprinklers to spray the trees. If the temperature drops, the water would freeze on the fruit and provide some insulation. This method is cheaper ($2,000), but less effective. With the sprinklers he could expect to incur as much as $25,000 to $30,000 of the loss with no protective action. Compare the grower's expected values for the three alternatives he has, considering the various possible loss scenarios for the burners and the sprinklers. Which alternative would you suggest the grower take? Why? An orange grower in Florida faces a dilemma. The weather forecast is for cold weather, and there is a 50% chance that the temperature tonight will be cold enough to freeze and destroy his entire crop, which is worth some $50,000. He can take two possible actions to try to alleviate his loss if the temperature drops. First, he could set burners in the orchard; this would cost $5,000, but he could still expect to incur damage of approximately $15,000 to $20,000. Second, he could set up sprinklers to spray the trees. If the temperature drops, the water would freeze on the fruit and provide some insulation. This method is cheaper ($2,000), but less effective. With the sprinklers he could expect to incur as much as $25,000 to $30,000 of the loss with no protective action. Compare the grower's expected values for the three alternatives he has, considering the various possible loss scenarios for the burners and the sprinklers. Which alternative would you suggest the grower take? Why