Calculate the expected value of action

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1. Product introduction expected value. An analyst for the company in Exercise 16 thinks the probabilities of high, moderate, and low sales are 0.2, 0.5, and 0.3, respectively. In this case calculate the expected value of each action. Which is the best action in this case?

2. Flight decision, part 4. For the decision of Exercise 15, you've just learned that you are on the short list and now estimate the chance that you'll be called for an interview is 0.70. Does that change your choice of actions?

3. Product introduction, part 4. For the product launch decision of Exercise 16, the economy isn't looking that good. Your very cautious boss says that he thinks there's a 60% chance of low sales, and a 30% chance of moderate sales. Which course should the company follow?

Reference no: EM131007273

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