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A concessionaire for the local ballpark has developed a table of conditional values for the various ...

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A concessionaire for the local ballpark has developed a table of conditional values for the various ...

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

Edition: 12^th

Authors: Render, Stair, Hanna, Hale

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