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Using the following table, perform ALL FIVE of the techniques for decision-making under Uncertainty:  Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace, and Minimax Regret. Show the work on an Excel File.    PROFIT ($)   STRONG MARKET FAIR MARKET POOR MARKET Large facility 550,000 110,000 -310,000 Medium-sized facility 300,000 129,000 -100,000 Small facility 200,000 100,000 -32,000 No facility 0 0 0

Using the following table, perform ALL FIVE of the techniques for decision-making under Uncertainty:  Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace, and Minimax Regret. Show the work on an Excel File.    PROFIT ($)   STRONG MARKET FAIR MARKET POOR MARKET Large facility 550,000 110,000 -310,000 Medium-sized facility 300,000 129,000 -100,000 Small facility 200,000 100,000 -32,000 No facility 0 0 0

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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2. Using the following table, perform ALL FIVE of the techniques for decision-making under Uncertainty:  Maximax, Maximin, Hurwicz Realism (α = 0.7), LaPlace, and Minimax Regret. Show the work on an Excel File. 

 

PROFIT ($)

 

STRONG MARKET

FAIR MARKET

POOR MARKET

Large facility

550,000

110,000

-310,000

Medium-sized facility

300,000

129,000

-100,000

Small facility

200,000

100,000

-32,000

No facility

0

0

0

 

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