Quantitative Analysis For Decision Making Essay Assignment Paper
Quantitative Analysis For Decision Making Essay Assignment Paper
Independent gasoline stations have been having a difficult time, nevertheless, Anna Li has been thinking about starting her own independent gasoline station. Anna’s problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline.
After a careful analysis, Anna developed the following table of the profit (or loss) realized for each size station based on market conditions:
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SIZE OF FIRST STATION
GOOD MARKET ($)
FAIR MARKET ($)
POOR MARKET ($)
Small
60,000
25,000
-5,000
Medium
90,000
40,000
-20,000
Large
110,000
60,000
-30,000
Very large
280,000
50,000
-200,000
Deliverables
1. Using Excel, design a decision table for this decision.
2. What is the maximin decision?
3. What is the maximax decision?
4. What is the Laplace decision?
5. What is the Hurwicz Criterion decision?
Highlight your answers, and remember to show all calculations in order to get full credit for your answers.
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