Scenario:You are a business owner of a vegan food restaurant faced with an important decision that could potentially be very lucrative of expanding the business. Keep in mind the "Six Steps in Decision Making" as you set-up your decision analysis.

1.What is the problem and objective of this decision?

2.Identify at least 3 alternatives and 3 states of nature.

3.Make a decision table in Excel to attach.

4.Identify the potential payoff/losses for each alternative and state of nature and include in your decision table.

5.Choose two decision strategies and determine the best alternative: (Clearly state the best alternative for each strategy.)

• Optimistic
• Pessimistic
• Criterion of Realism (Hurwicz)

6.Why did you choose the two strategies? What are the results of the best alternative? What is your final decision?