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1. Use problems #12 and 23 at the end of the Taylor chapter; the two problems are a continuation of each other. Data is provided under the tab: Micro. Answer the following questions as listed below: (Submit an Excel worksheet with your work).

a. (2)The best decision using the Maximax criteria is:

b. (2)The best decision using the Minimax criteria is:

c. (2)The best decision using the Hurwicz (a=.4) is:

d. (2)The best decision using EMV is:

e. (2)The EVPI is:

f. (2)The most Microcomp should be willing to pay an analyst for better information is:

2. Use problem #48 at the end of the Taylor chapter to answer the following:

a. (2)What is the probability of a shortage, given the analyst’s report predicted a shortage?

b. (2)What is the probability the analyst’s report will predict a shortage?

c. (2)What is the decision strategy the Friendlys should follow?

d. (2)What is the expected value of this strategy?

e. (2)What is the maximum amount they should pay for an analyst to give them better information?

f. (4)Attach a completed decision tree.

3. Use problem #56 at the end of the Taylor chapter to answer the following:

a. (2)Should the company conduct the test market? Explain.

b. (2)What is the expected value of their overall decision?

c. (2)What is the expected value of their decision should they introduce the new product nationally after getting favorable results from a test market?

d. (4)Attach a completed decision tree.

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