Question
Can you show me how to plug this into excel and how to solve the problem. I am having a hard time laying out the
Can you show me how to plug this into excel and how to solve the problem. I am having a hard time laying out the problem.
A new small manufacturing company, which produces toys, has to decide whether it wants to distribute its products through a wholesale distributor, go directly to department stores, or go strictly online. The following table shows revenue results for each condition.
Distribution Network Good Economy Fair Economy Poor Economy
Wholesale $75 Million $50 Million $30 Million
Department Stores $83 Million $40 Million $2 Million
Online $180 Million $60 Million -$140 Million
Probability 0.50 0.30 0.20
a-Find the Maximax, Maximin, Equally likely, and Hurwicz Decisions.Must show all work and calculations in tabular Excel format.
b-Find the Minimax regret decision.Use Tabular Excel format.
Based on above analysis, what is your recommendations to the management?
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