Student Solutions Manual for Basic Business Statistics
Student Solutions Manual for Basic Business Statistics
13th Edition
ISBN: 9780321926708
Author: David M. Levine; Mark L. Berenson; Timothy C. Krehbiel; Kathryn A. Szabat; David F. Stephan
Publisher: Pearson Education
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Chapter 20, Problem 1PS

For this problem, use the following payoff table:

Chapter 20, Problem 1PS, For this problem, use the following payoff table: a. Construct an opportunity loss table. b.

a. Construct an opportunity loss table.

b. Construct a decision tree.

a.

Expert Solution
Check Mark
To determine

Make an opportunity table using the given payoff table.

Explanation of Solution

The payoff table is given.

Use Excel to construct an opportunity loss table.

Software procedure:

The step-by-step procedure to make an opportunity loss table is given below.

Select Add-Ins > PHStat > Decision-Making > Opportunity Loss.

In the opportunity loss dialog, fill Number of Events as 2 and Number of Alternative Actions as 2.

Click OK.

In the template generated by Excel, fill the payoff table as given in the problem.

The excel output for opportunity loss table is shown below.

Student Solutions Manual for Basic Business Statistics, Chapter 20, Problem 1PS , additional homework tip  1

b.

Expert Solution
Check Mark
To determine

Construct a decision tree for the given payoff table.

Explanation of Solution

The tree diagram for the given payoff table is given below.

Student Solutions Manual for Basic Business Statistics, Chapter 20, Problem 1PS , additional homework tip  2

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Student Solutions Manual for Basic Business Statistics

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