Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

The quality control manager for ENTA Inc. should decide whether to accept (a1), further analyze (a2), or reject (a3) a lot of incoming material. Suppose the following payoff table is available. Historical data points out that there is a 20% chance that the lot is poor quality (s1), a 50% chance that the lot is fair quality (s2), and 30% chance that the lot is good quality (s3)

  S1 s2          s3
  A1      20 30 90
  A2   60 70 10
     80 50 40

a. Compute the expected value for each of three actions and find out if the manager must accept, further examine, or reject the lot?

Expected values a1=________  a2=__________ a3=___________

b. Find out the expected value of perfect information (EVPI)? EVPI=_________

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923125

Have any Question? 


Related Questions in Statistics and Probability

Imagine that your town or city has increased its nighttime

Imagine that your town or city has increased its nighttime police patrols to reduce crime. Design two quasi-experiments to determine whether this intervention has been effective, one that uses some variation of a nonequi ...

While some countries tend to favor expansion of the

While some countries tend to favor expansion of the European Union, others generally oppose it. Entering a union agreement with other countries has both benefits and drawbacks for each member country. In what ways do you ...

The amount of time people spend in a clothing store is

The amount of time people spend in a clothing store is normally distributed with a mean of 18 mins and SD of 4 mins. If a sample of 20 customers is randomly selected. what is this probability they will spend more than 20 ...

1 do outliers increase or decrease the magnitude of

1. Do outliers increase or decrease the magnitude of correlation coefficients? 2. What impact does reliability have on correlation? 3. Why can't we infer causality from correlation?

Spss assignment 02the data set you need to do the

SPSS Assignment 02 The data set you need to do the assignment can be found on Blackboard in the folder "Assignments and due dates" and in the spreadsheet "Data for Assignment 2". This is a group assignment and you can su ...

The mean sat score in mathematics is 515 the founders of a

The mean SAT score in mathematics is 515 . The founders of a nationwide SAT preparation course claim that graduates of the course score higher, on average, than the national mean. Suppose that the founders of the course ...

Focusing on leadership and changeintroductionin this

Focusing on leadership and change Introduction In this assignment, we will focus on you, your relationship to leadership and change in your work context and the management ideas that have influenced those topics. Rather ...

Explain how you would conduct the study you designed in

Explain how you would conduct the study you designed in Question as a matched-subjects design. Question:- Design a randomized groups experiment to test the hypothesis that children who watch an hour-long violent televisi ...

What was the highest point of the popes power and what was

What was the highest point of the pope's power and what was the lowest point?

Risk taking is an important part of investing in order to

Risk taking is an important part of investing. In order to make suitable investment decisions on behalf of their customers, portfolio managers give a questionnaire to new customers to measure their desire to take financi ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro