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assignment009 assignment009
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7 years ago
A manager needs to hire short-term employees to meet production demands. The manager would like to hire one of three possible short-term workers. Ten hours are demanded with 50% probability, 20 hours are demanded with 30% probability, and 30 hours are demanded with 20% probability. The table below represents the alternatives and possible states of nature.



a) Which alternative will minimize the expected monetary value?
b) What is the expected value of perfect information?
Textbook 
Quantitative Analysis for Management

Quantitative Analysis for Management


Edition: 12th
Authors:
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wrote...
#1
7 years ago
a) Worker 2 - EMV = $1490
b) EVPI = $1490 - $1455 = $35
assignment009 Author
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#2
7 years ago
thank uuuuuu
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