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Hello I have an excel mathematical question and need help identifying what the problem is asking of me? I am having trouble understanding how to
Hello I have an excel mathematical question and need help identifying what the problem is asking of me? I am having trouble understanding how to use the Decision tree add-in in excel. I am also having trouble formatting the table as well. I have also provided an example as well of what it should look like below with the question.
File Home Insert Draw Page Layout Formulas Data Review View Help G X Cut Calibri 11 A A ap Wrap Te Paste LE Copy v BI UV A v Merge & Format Painter Undo Clipboard Font Alignment B13 V : X V fx A B C D E F 1 Options A B 2 Event Node Initial Condition Initial Condition 3 Payoff $2,000 $2,000 4 Probability 1 1 5 Event Node 2 Accept Offer Flip Coin 6 Payoff ($600) so ($1,000) Heads Tails Probability 1 0.5 0.5 9 Expected Value $1,400 $2,000 $1,000 10 Decision Node $1,400 $1,500 11 12 Decision Option B 13 14 15:5 Instructions Problem: A glass factory specializing in crystal is experiencing a substantial backlog, and the rm's management is considering three courses of action: A) Arrange for subcontracting B) Construct new facilities C) Do nothing (no change) The correct choice depends largely upon demand, which may be low, medium, or high. By consensus, management estimates the respective demand probabilities as 0.2, 0.5, and 0.3. Given the payoffs, create and solve this problem using a decision tree. The management estimates the prots when choosing from the three alternatives (A, B, and C) under different probable levels of demand. These prots, in thousands of dollars are presented in the table belowStep by Step Solution
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