The Corner Diner Dilemma
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Problem3-TheCornerDinerDilemmaUNSOLVEDEXCELSPREADSHEET1.pdf
The Corner Diner Dilemma
Decision Tables: The corner diner dilemma
Complete the numbers in the highlighted cells.
Data Scenario 1 Scenario 2 Scenario 3 Results
Sales Increases Robust Average Recession EMV Minimum Maximum
Probability 0.3 0.4 0.3
Large facility 500000 250000 -275000
Medium facility 350000 300000 -100000
Small facility 125000 100000 -25000
No new facility 0 0 0
Maximum
Expected Value of Perfect Information MINIMAX
Column best EMV
MAXIMIN
MAXIMAX
Regret
Scenario 1 Scenario 2 Scenario 3 Expected Maximum
Probability 0.3 0.4 0.3
Large
Medium
Small
No facility
Minimum
Your Advice:
