View the step-by-step solution to:

Unit 7: Decision Analysis Introduction Dining at Sea: The Chez Tethys Problem Introducing Decision Analysis Summary Decision Trees Uncertainty and...

This question was answered on Jan 27, 2013. View the Answer
Need Decisin tree done as follows as requested on HW
Creating Decision Tree in Excel
Step 1---Click on “Insert”; then click on “Shapes”

Step 2—Start with selecting a “square”. After square appears on the screen, you can re-size, if necessary.

Step 3---You will add lines by selecting “Shapes” and then click on the “diagonal line shape”. You can move this shape to the desired location of the decision tree and re-size if necessary.

Step 4---You will add circles by selecting “Shapes” and then click on the “Circle Shape”. You can re-size if necessary and move this shape to the desire location of the decision tree.

Step 5—Follow the process above until the tree is drawn.
Unit 7: Decision Analysis James Punday Introduction FIU#4606941 Dining at Sea: The Chez Tethys Problem Introducing Decision Analysis Summary Decision Trees Uncertainty and Probability Summary Structuring Decision Trees Summary Incorporating Data into Decision Trees Decision Trees and Probabilities Summary Exercise 1: The Tardytech Blame Game Exercise 2: The First Bank of Silverhaven Exercise 3: The Shipping Bea Exercise 4: Wheel of Fortune Comparing the Outcomes Introducing the Expected Monetary Value Summary Relevant Costs Summary Time Horizons Summary Solving the Chez Tethys Problem Exercise 1: The Shipping Bea Flies Again Exercise 2: The SHAMH of the Century Exercise 3: The Gaiacorps Upgrade Exercise 4: Mopping up the Empire Exercise 5: The Eris Shoe Company Exercise 6: The Crumbling Empire Sensitivity Analysis Leo the Skeptic: The Uncertain Estimates Problem A Decision's Sensitivity to Outcome Estimates Summary Evaluating Non-Monetary Consequences Summary A Decision's Sensitivity to Probability Estimates Summary Solving the Uncertain Estimates Problem Exercise 1: Sensitive as a Truck Exercise 2: Sneakers of Discord Exercise 3: The SHAMH Continues At left you will see an outline of the topics covered in Unit 7: Decision Analysis. There are three homework problems associated with this unit. There is one tab for each problem in this workbook. Once you have completed the unit online, you should attempt these problems and submit them to your coach for assessment and feedback.
Background image of page 1
Q 13 a funds probability expected funds 25000 0.9 22500 0 0.1 0 EMV= Q13 b 22500 funds probability expected funds 30000 0.3 9000 EMV = 23000 20000 0.7 14000 Q13 c since EMV is greater in option B, he should opt for the fund raiser. The FIU Marching Band is out of money. It hurts when halftime music is provided by the band of the other team at a home game. They have two choices: apply for federal grant money or do a major fundraiser. They cannot do both. The band's manager believes he has a 90% chance that he will win a grant of $25,000 if he submits the grant application. Grants in this category are for a fixed amount, so if he loses the grant, he'll have no money to run the band. Based on his past fundraising experience, he estimates that if he runs a local fundraiser, he has a 30% chance of raising $30,000 and 70% chance of raising $20,000. Create a decision tree to help him determine which decision has the higher EMV. Q-13a: What is the EMV of applying for a grant? Q-13b: What is the EMV of doing a major fundraiser? Q-13c: What should the band do?
Background image of page 2
Show entire document
Sign up to view the entire interaction

Top Answer

Here's the explanation you needed for... View the full answer


Unit 7: Decision Analysis
Introduction Dining at Sea: The Chez Tethys Problem
Introducing Decision Analysis
Summary Decision Trees Uncertainty and Probability
Structuring Decision Trees...

This question was asked on Jan 22, 2013 and answered on Jan 27, 2013.

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors and customizable flashcards—available anywhere, anytime.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access or to earn money with our Marketplace.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
  • -


    Browse existing sets or create your own using our digital flashcard system. A simple yet effective studying tool to help you earn the grade that you want!

    Browse Flashcards