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decision_making_excelom.docxDecision Making
Problem 8.
Decision Table
4 alternatives, 3 states of nature
Probability – 1/3, 1/3, 1/3 – you may have to format the cell when you enter the 1/3. You CAN NOT use .333 as that will never sum to 1.
Problem 9.
Problem 10.
I selected EVPI when I was entering 3 states and 3 alternatives – you do not have to do that, I just wanted the extra information.
Problem 12.
NOTE – Probability is equal to 1/3
Problem 13.
NOTE – I manually entered probability .4 and .6
