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

A special industrial battery must have a life of at least

A special industrial battery must have a life of at least 500 hours. A hypothesis test is to be conducted with a 0.04 level of significance. If the batteries from a particular production run have an actual mean use life ...

Connie wants to have an annuity payment of 2000 at the end

Connie wants to have an annuity payment of $2,000 at the END of every three months. How much should she deposit now at 6% interest, compounded quarterly, to yield this payment for 3 years? (Use Table 12-2 in your text) $ ...

44nbspof a certain countrys voters think that it is too

44% of a certain country's voters think that it is too easy to vote in their country. You randomly select 12 likely voters. Find the probability that the number of likely voters who think that it is too easy to vote is ( ...

1 why do researchers use factor analysis2 imagine that you

1. Why do researchers use factor analysis? 2. Imagine that you conducted a factor analysis on a set of variables that were uncorrelated with one another. How many factors would you expect to find? Why?

When conducting a hypothesis test if z calculated is less

When conducting a hypothesis test, if z calculated is less than z critical, you should accept the null hypothesis?

1 how can partial correlation help researchers explore

1. How can partial correlation help researchers explore possible causal relationships among correlated variables? 2. When is the Spearman rank-order correlation used? 3. What is a dichotomous variable? What correlations ...

John is an avid fisherman and wants to know if there is a

John is an avid fisherman and wants to know if there is a correlation between the amount of time he spends fishing and the amount of fish he catches. He decided to keep track of the time he spent at the lake and the amou ...

Simple takes about 25 minutes to answer in a study

Simple! (Takes about 25 minutes to answer.) In a study evaluating "Why minority males graduate American high-schools at lower rates than their counterparts", the following is needed: 1) Envisioned Quantitative Design 2) ...

Do men and women select different breakfasts the breakfasts

Do men and women select different breakfasts? The breakfasts ordered by randomly selected men and women at a popular breakfast place is shown inTable 11.55. Conduct a test for homogeneity at a 5% level of significance. F ...

Imagine that you are interested in the effects of

Imagine that you are interested in the effects of background music on people's performance at work. Design an experiment in which you test the effects of classical music (played at various decibels) on employees job ...

  • 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