3.5 Using Software for Payoff Table Problems
It is easy to use QM for Windows or Excel QM or even Excel 2016 without any add-ins to perform the calculations associated with payoff tables. The Thompson Lumber example is used in the following examples for illustration.
QM for Windows
To use QM for Windows for the Thompson Lumber example, select Module – Decision Theory. Then enter New-Payoff Tables, and a window appears allowing you to set up the problem. Enter a title, the number of options (alternatives), and the number of scenarios (states of nature), and specify if it is to be maximized or minimized. In this example, there are three alternatives or options and two states of nature or scenarios. When these are entered, click OK and a window ...
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