3. Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.4), LaPlace and Minimax Regret. Show the work on excel file. SIZE OF FIRST STATIONGOOD MARKETFAIR MARKETPOOR MARKET($)($)($)Small50,00020,000-10,000Medium80,00030,000-20,000Large100,00030,000-40,000Very large300,00025,000-160,000

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Answered: Using the following table, perform ALL…

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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3. Using the following table, perform ALL FIVE of the techniques for Decision Making under Uncertainty: Maximax, Maximin, Hurwicz Realism (α = 0.4), LaPlace and Minimax Regret. Show the work on excel file.

SIZE OF FIRST STATION	GOOD MARKET	FAIR MARKET	POOR MARKET
($)	($)	($)
Small	50,000	20,000	-10,000
Medium	80,000	30,000	-20,000
Large	100,000	30,000	-40,000
Very large	300,000	25,000	-160,000

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