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This answer is expected to be done on Excel. Please answer with a detailed explanation and note the following: Circles are decision nodes: Points at
This answer is expected to be done on Excel. Please answer with a detailed explanation and note the following:
What are the maxi-min, maxi-max, and expected value maximizing decisions for the supplier? What are the monetary values associated with those choices? Using n=1000 simulation trials and the random seed of 1234 What are the maxi-min, maxi-max, and expected value maximizing decisions for the supplier? What are the monetary values associated with those choices? Using n=1000 simulation trials and the random seed of 1234 - Circles are decision nodes: Points at which an action is decided
- Squares are event nodes: Points of uncertainty/randomness
- Triangles are outcomes: Payouts of specific decisions or event
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