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Business
Operations Management
Size-of-first-stationa Good-Market-($) Fair-Market-($)E 20,000 30,000 30,000 25,000 Poor-Market-($)a 50,000 80,000 100,000 -10,000 -20,000 -40,000 -160,000 Smalla Mediumă Larget Very-larget 300,000

Size-of-first-stationa Good-Market-($) Fair-Market-($)E 20,000 30,000 30,000 25,000 Poor-Market-($)a 50,000 80,000 100,000 -10,000 -20,000 -40,000 -160,000 Smalla Mediumă Larget Very-larget 300,000

Practical Management Science
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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Adam has been offered to open up a Service station. However, the size of the establishment will be based on his decision. The annual return and investment required will be based on both size and market condition. To help out in the decision making, Adam has done the analysis and the expected profit/loss are shown in the table:

What is the maximax,maximin and equally likely decision? Develop a decision tree

Size-of-first-stationa Good-Market-($)a Fair-Market-($)a 50,000 Poor-Market-($) -10,000 -20,000 -40,000 -160,000 Smalla 20,000 Medium! 80,000 30,000 Larget 100,000 30,000x Very-larget 300,000 25,000
Transcribed Image Text:Size-of-first-stationa Good-Market-($)a Fair-Market-($)a 50,000 Poor-Market-($) -10,000 -20,000 -40,000 -160,000 Smalla 20,000 Medium! 80,000 30,000 Larget 100,000 30,000x Very-larget 300,000 25,000
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