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Director of the legal services of ABC Company should decide whether to appoint another full-time lawyer or to appoint part-time lawyers. Anticipated costs for two options under 3 possible demand levels are given in table below:         


States of Nature

Alternatives

Low Demand

Medium Demand

High Demand

Hire full-time

$2,400

$3,300

$4,400

Hire part-time

$4,800

$3,400

$2,400

Probabilities

0.5

0.3

0.2

What is the Expected Value of the Perfect Information? Identify only the amount. e.g. 350

Project Management, Management Studies

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