A company is considering three vendors for purchasing a CRM system: Delphi Inc., CRM International, and Murray Analytics. The costs of the system are expected to dependon the length of time required to implement the system, which depends on such factors as the amount of customization required, integration with legacy systems, resistanceto change, and so on. Each vendor has different expertise in handling these things, which affect the cost. The costs (in millions of $) are shown below for short, medium, andlong implementation durations. Use the Excel template Decision Analysis to identify what vendor to select.Decision AlternativeDelphi Inc.CRM InternationalMurray AnalyticsFill in the table below for maximum and minimum costs under each alternative. Carry out an analysis considering costs as negative numbers. Round your answers to thenearest cent.$$Opportunity Loss MatrixDecision AlternativeDelphi Inc.CRM InternationalMurray Analytics$$$MaximumShortXXX$$Calculate the amounts foregone by not adopting the optimal course of action for each possible implementation duration. Determine the maximum opportunity cost for eachalternative. Fill in the table below. If your answer is zero, enter "0". Round your answers to the nearest cent.$$$Decision AlternativeDelphi Inc.CRM InternationalMurray Analytics$$Future eventsMediumMinimumConduct a decision analysis to evaluate the choice of a vendor$$$LongShort$3.50$4.25$4.00XXMedium$5.00$4.95$4.70$$$Long$7.20$6.55$6.90MaximumX

The techniques of decision-making mentioned in the question are maximax, maximin, and minimax regret…

Answered: Fill in the table below for maximum and…

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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