In a goodness-of-fit test, H0 lists specific values for proportions and the test of a contingency table does not.
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Q. 2We calculate the expected payoff with perfect information (EPPI) by multiplying the probability of each state of nature by the smallest payoff associated with that state of nature, and then summing the products.
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Q. 3To calculate the expected values in a test of a contingency table, you assume that the null hypothesis is true.
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Q. 4The expected payoff with perfect information (EPPI) represents the maximum amount a decision maker would be willing to pay for perfect information.
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Q. 5To produce expected values for a test of a contingency table, you multiply estimated joint probabilities for each cell by the total sample size, n.
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Q. 6The expected value of perfect information (EVPI) equals the largest expected opportunity loss (EOL).
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