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describe Decision making using EMV and EVPI.

A concessionaire for the local ballpark has established a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowed).

 

States of Nature

Alternative

Large($)

Average($)

Small($)

Large Inventory

22,000

12,000

-2,000

Average Inventory

15,000

12,000

6,000

Small Inventory

9,000

6,000

5,000

If the probabilities related with the states of nature are 0.30 for a large crowed? 0.50 for an average crowed and 0.20 for a small crowed, determine (a) the substitute that provides the greatest expected monetary value (EMV) (b) the expected value of perfect information (EVPI).

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923446

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