Develop a regret table in excel for this situation

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Reference no: EM133532222

For this question, you will choose a decision-making situation from your personal life. The situation will have at least five decision options-note that status quo can always be an option-and at least three states-of-nature scenarios that are beyond your control. The pay-off numbers in the table are costs, loss, or other minimization-type numbers that you can assume. You can assume any probability information-remember that probabilities add up to 1 when states-of-nature are collectively exhaustive. All the following steps need to be completed in the same tab (i.e., Question 3 tab):

Make a pay-off table in Excel for your situation.

Make a decision tree in Excel for this situation. You can use arrowheads and shapes in Excel.

Develop a regret table in Excel for this situation.

Using the decision making under uncertainty approach, what is your decision and optimal pay-off using:

Using the decision making under risk approach, what is your decision and optimal pay-off using:

If you wish to improve your expected monetary value decision, you need the services of a consultant who will provide you correct information about the occurrence of your states-of-nature. This service will cost you money. What is the value that this service brings to you, and how much should you be willing to pay for it?

Reference no: EM133532222

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