Assignment
Independent gasoline stations have been having a difficult time, nevertheless, Anna Li has been thinking about starting her own independent gasoline station. Anna's problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline.
After a careful analysis, Anna developed the following table of the profit (or loss) realized for each size station based on market conditions:
|
SIZE OF FIRST STATION
|
GOOD MARKET ($)
|
FAIR MARKET ($)
|
POOR MARKET ($)
|
|
Small
|
60,000
|
25,000
|
-5,000
|
|
Medium
|
90,000
|
40,000
|
-20,000
|
|
Large
|
110,000
|
60,000
|
-30,000
|
|
Very large
|
280,000
|
50,000
|
-200,000
|
Task
• Using Excel, design a decision table for this decision.
• What is the maximin decision?
• What is the maximax decision?
• What is the Laplace decision?
• What is the Hurwicz Criterion decision?
Format your assignment according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the assignment, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.