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Category > Information Systems Posted 02 Jun 2017 My Price 7.00

Andrew Thomas, a sandwich vendor at Hard Rock Cafe’s annual Rockfest

Andrew Thomas, a sandwich vendor at Hard Rock Cafe’s annual Rockfest, created a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd):

The probabilities associated with the states of nature are 0.3 for a big demand, 0.5 for an average demand, and 0.2 for a small demand.

a) Determine the alternative that provides Andrew the greatest expected monetary value (EMV).

b) Compute the expected value of perfect information (EVPI).

 

Answers

Alpha Geek
(8)
Status NEW Posted 02 Jun 2017 10:06 AM My Price 7.00

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Attachments

file 1496399879-1920693_1_636318850402387291_EMV---EVPI.xlsx preview (219 words )
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