Answered: Economic Conditions Degree Program…

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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Question

The director of career advising at Orange Community College wants to use decision analysis to
provide information to help students decide which 2-year degree program they should pursue.
The director has set up the following payoff table for six of the most popular and successful degree
programs at OCC that shows the estimated 5-year gross income ($) from each degree for
four future economic conditions: Determine the best degree program in terms of projected income, using the following decision
criteria:
a. Maximax
b. Maximin
c. Equal likelihood

Economic Conditions
Degree Program
Recession
Average
Good
Robust
220,000
Graphic design
Nursing
145,000
150,000
115,000
130,000
115,000
175,000
260,000
180,000
205,000
215,000
320,000
280,000
305,000
Real estate
165,000
220,000
Medical technology
Culinary technology
Computer information
technology
180,000
210,000
235,000
145,000
125,000
150,000
190,000
250,000

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