Create a worksheet named Decision Theory and refer to your class notes and spreadsheets you constructed as part of independent work to properly complete the following: Enter the values of all cells that do not have thick borders. Use these values just so you know your results work. Any reasonable values in the dashed cells should result in correct output in the bold-lined cells Create an appropriate formula for the dark-bordered cells for each of the five solution methods, such that the formula can be copied down to the three cells below it without manually making further changes (i.e. use absolute addressing). Note that you should NOT have "helper" cells, even for Minimax Regret. In other words, you may only refer to the cells shown, not other cells that have intermediate formulas. a. b. c. Use conditional formatting to highlight the selected cell from the four shown for each method d. Create an appropriate formula for each of the five cells in the "VALUE" row to show the value that would be selected from the four above e. Create an appropriate formula for each of the five cells in the "BEST ALTERNATIVE row that would reference the information above in the same column and look up the correct alternative from the first column. You have done this before. f. Create a formula to compute EVPI, relative to the "Rational" approach, given the selected probability of SON2(currently shown as 36%), but should work with any reasonable inputs in any of the dashed cells NOTES: Your spreadsheet should refer only to the cells equivolent to those below-you moy not hove "helper" cells the spreodsheet should be blank except for the items below You should be able to change the nomes ofthe aolternotives, the volues of the olternatives for both States of noture, and the probability of SON2 and your sheet should correctiy compute all values for those inputs | 36% | SON1 SON2 Alt A 4215 Alt Bl 21 20 Alt C 22 45 Alt DI 1048 (Optimistic) (Pessimistic) Minimax (Average) (Rational) regret LaPlace known 33 28.5 32.28 28 20.5 20.64 MaxiMax MaxiMin 42 21 45 48 15 20 30.28 32 29 23.68 20 33.5 10 VALUE:48 20 33.5 32.28 BEST ALTERNATIVE: Alt D Alt C Alt C Alt C Alt A EVPI: $11.88 Create a worksheet named Decision Theory and refer to your class notes and spreadsheets you constructed as part of independent work to properly complete the following: Enter the values of all cells that do not have thick borders. Use these values just so you know your results work. Any reasonable values in the dashed cells should result in correct output in the bold-lined cells Create an appropriate formula for the dark-bordered cells for each of the five solution methods, such that the formula can be copied down to the three cells below it without manually making further changes (i.e. use absolute addressing). Note that you should NOT have "helper" cells, even for Minimax Regret. In other words, you may only refer to the cells shown, not other cells that have intermediate formulas. a. b. c. Use conditional formatting to highlight the selected cell from the four shown for each method d. Create an appropriate formula for each of the five cells in the "VALUE" row to show the value that would be selected from the four above e. Create an appropriate formula for each of the five cells in the "BEST ALTERNATIVE row that would reference the information above in the same column and look up the correct alternative from the first column. You have done this before. f. Create a formula to compute EVPI, relative to the "Rational" approach, given the selected probability of SON2(currently shown as 36%), but should work with any reasonable inputs in any of the dashed cells NOTES: Your spreadsheet should refer only to the cells equivolent to those below-you moy not hove "helper" cells the spreodsheet should be blank except for the items below You should be able to change the nomes ofthe aolternotives, the volues of the olternatives for both States of noture, and the probability of SON2 and your sheet should correctiy compute all values for those inputs | 36% | SON1 SON2 Alt A 4215 Alt Bl 21 20 Alt C 22 45 Alt DI 1048 (Optimistic) (Pessimistic) Minimax (Average) (Rational) regret LaPlace known 33 28.5 32.28 28 20.5 20.64 MaxiMax MaxiMin 42 21 45 48 15 20 30.28 32 29 23.68 20 33.5 10 VALUE:48 20 33.5 32.28 BEST ALTERNATIVE: Alt D Alt C Alt C Alt C Alt A EVPI: $11.88
