3-24 Today’s Electronics specializes in manufacturing modernelectronic components. It also builds the equipment that producesthe components. Phyllis Weinberger, who is responsible for advisingthe president of Today’s Electronics on electronic manufacturingequipment, has developed the following table concerning a proposedfacility:
| Profit |
| Strong Market | Fair Market | Poor Market |
Large Facility | 550,000 | 110,000 | -310,000 |
Medium Sized Facility | 300,000 | 129,000 | -100,000 |
Small Facility | 200,000 | 100,000 | -32,000 |
No Facility | 0 | 0 | 0 |
a. develop an opportunity loss table.
Opportunity Loss Table | Outcome |
Large | 0 | 310,000 |
Medium | 250,000 | 100,000 |
Small | 350,000 | 32,000 |
No facility | 550,000 | 0 |
b. what is the minimax regret decision?
Opportunity Loss Table | Outcome | | | | Max Regret |
Large | 0 | 19,000 | 310,000 | 310,000 |
Medium | 250,000 | 0 | 100,000 | 250,000 |
Small | 350,000 | 29,000 | 32,000 | 350,000 |
No facility | 550,000 | 129,000 | 0 | 550,000 |
| | | | | | | |
The minimax regret decision rule states the best alternative isthe medium-sized facility.
Just need help with making an excel spreadsheet showingformulas for these answers .
