use excel

1- Steve's Mountain Bicycle Shop is considering three options for its facility next year. Steve can expand his current shop, move to a larger facility, or make no change. With a good market, the annual payoff would be $76,000 if he expands, $90,000 if he moves, and $40,000 if he does nothing. With an average market, his payoffs will be $30,000, $41,000, and $15,000, respectively. With a poor market, his payoff will be - $17,000, $28,000, and $4,000, respectively. a) (a) Which option should Steve choose if he uses the maximax criterion? b) (b) Which option should Steve choose if he uses the maximin criterion? c) (c) Which option should Steve choose if he uses the equally likely criterion? d) (d) Which option should Steve choose if he uses the criterion of realism with a = 0.4? e) (e) Which option should Steve choose if he uses the minimax regret criterion? Steve has gathered some additional information. The probabilities of good, average, and poor markets are 0.25,0.45, and 0.3 , respectively. f) Using EMVs, what option should Steve choose? What is the maximum EMV? g) Using EOL, what option should Steve choose? What is the minimum EOL? h) Compute the EVPI and show that it is the same as the minimum EOL