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Cyco Cyco
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6 years ago
A concessionaire for the local ballpark has developed a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd).



If the probabilities associated with the states of nature are 0.30 for a large crowd, 0.50 for an average crowd, and 0.20 for a small crowd, determine:
(a) the alternative that provides the greatest expected monetary value (EMV)
(b) the expected value of perfect information (EVPI)
Textbook 
Quantitative Analysis for Management

Quantitative Analysis for Management


Edition: 12th
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TheBatTheBat
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6 years ago
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Cyco Author
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6 years ago
Good timing, thanks!
mikeh209
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Jose^2
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2 hours ago
Helped a lot
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