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Problem -
Deborah Hollwager, a concessionaire for the Amway Center in Orlando, has developed a table of conditional values for the various alternatives (stocking decisions) and states of nature (size of crowd):
States of Natures (Size of Crowed)
Alternatives
Large
Average
Small
Large inventory
$20,000
$10,000
-$2,000
Average inventory
$15,000
$12,000
$6,000
Small inventory
$9,000
$5,000
If the probabilities associated with the states of nature are 0.3 for a large crowd, 0.5 for an average crowd, and 0.2 for a small crowd, determine:
a) The alternative that provides the greatest expected monetary value (EMV).
b) The expected value of perfect information (EVPI).
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