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

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 (This table is attached as an attachment)

Deliverables:

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?

Highlight your answers, and remember to show all calculations in order to get full credit for your answers.

Although this is a working paper it is also a research paper; therefore, it should be developed, organized and presented using APA formatting guidelines – including the use of a title page, citations, headings, tables, figures, references and appendices (if applicable); be sure to cite at least three scholarly researched sources.

Any calculations and graphs may be done in Excel, and then transferred to a Word document. All calculations should be clearly explained as to your assumptions and how you arrived at your answers.

The submitted assignment MUST BE a Word Document.