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Calculating EOL assumes first that there are two or more events that may happen, and, for each event, two or more possible courses of action that you could take. You need to begin by listing each event and each course of action that you could choose. For this first step, simply make two columns, headed “Events” and “Actions,” and write your options under each one. For example, suppose you are the head of a marketing department and you must choose between two advertising campaigns for a new product. One is a gradual introduction into the market and the other is a more extreme approach. These are your two “Actions,” which can be designated algebraically as A1 and A2. You do not know whether demand will be high or low. These represent the two “Events,” which can be designated algebraically as E1 and E2. A payoff table is a grid that schematically illustrates your events and actions. Across the top row, labeled “Alternative Courses of Action,” write down the names of your two actions. In a column on the right, label it “Events” and list the events that could occur.  For the marketing example, your top row will have two columns labeled “Gradual” and “Extreme.” The first column of your payoff table will have the heading “Events.” Under this heading, fill in the labels “High demand” and “Low demand.” Because this particular payoff table had two events and two actions, there should be four blank spaces in the table. You will fill these with data as you proceed. You will need to make some assumptions or otherwise provide data for the calculations to come. These data will need to come from your knowledge of the field, from marketing research, or any other reliable sources that you use. For the marketing example, assume that research informs you that a gradual marketing campaign in a low demand market will generate a profit of $1 million, while an extreme marketing campaign in a low demand market will create a loss of $5 million. Additionally, you predict that if demand is high, a gradual campaign will create a profit of $4 million, while an extreme campaign in a high demand market will general a profit of $10 million. These assumptions or predictions represent the data that you will use to continue calculating the EOL. Notice that each of the four blank spaces in the table correspond to some combination of events and actions. Use your predicted or assumed values to complete the blank table. Given the marketing example, the upper left space represents a gradual campaign in a low demand market. Fill in this space with the corresponding value of 1 (you can count in millions for this problem). The second space on the top row represents an extreme campaign in a low demand, with a value of -5. The negative number represents a predicted financial loss.  The bottom row should be filled in with 4 and 10, respectively. This completed grid is your payoff table for this problem.
Make a list of possible events and courses of action. Create a payoff table. Gather data from research. Enter the data into the table.