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 MARKETFAIR MARKETPOOR MARKETLarge facility550,000110,000-310,000Medium-sized facility300,000129,000-100,000Small facility200,000100,000-32,000No facility000

Mathematic models of decision-making help businesses make the correct decisions for their…

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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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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