Explain what is the evpi, Operation Management

Assignment Help:


State of nature

decision

S1

S2

S3

D1

250

750

500

D2

300

-250

1200

D3

500

500

600

 

 

 

 

The above is the payoff table.

1-what choice should be made by the optimistic decision maker?

2-what choice should be made by the conservative decision maker ?

3-what choice should be made under minimax regret?

4-If the probabilities of D1 ,D2 and D3 are 0.2 ,0.5,and 0.3, respectively, then what choice should be made under expected value?

5- what is the EVPI?


Related Discussions:- Explain what is the evpi

Explain project management body of knowledge, Definition of a Project" •Acc...

Definition of a Project" •According to the Project Management Body of Knowledge (PMBOK), explain one of the major knowledge areas and why it is important to project management. Eva

Define what are the steps and the benefits of a social audit, What are the ...

What are the steps and the benefits of a social audit?

Compute the probability, The probability Mary will receive an A in a class ...

The probability Mary will receive an A in a class is 0.51. Assuming independence, if she is taking 5 classes this semester, calculate the probability she will receive exactly 3 A's

Importance of performance measurement, Importance of performance measuremen...

Importance of performance measurement  1. Research reveals that many institutional investors are basing their decisions, in part, on a review of company's non financial perfor

Wlan standard is compatible with what other wlan standard, The 802.11g WLAN...

The 802.11g WLAN standard is compatible with what other WLAN standard? a. Bluetooth b. 802.11a c. 802.11b d. HomeRF

Describe worker adjustment and retraining notification act, Outline the pro...

Outline the provisions of the Worker Adjustment and Retraining Notification Act (WARN) of 1988 stating its rules, liabilities, and loopholes. Discuss the reasons why this act was c

Explain business-level strategy, "Business-Level Strategy" Please respond t...

"Business-Level Strategy" Please respond to the following: • From the first e-Activity, assess your satisfaction with the company you researched and make recommendations about h

Ethics and aids in the workplace, Henry Goldstone, head of Human Resources ...

Henry Goldstone, head of Human Resources for African Gold, Inc. in South Africa, examined the stack of newspaper and business magazine clippings on his desk.  In the last few weeks

Describe the company''s strategic goals, At the conclusion of Baidu's final...

At the conclusion of Baidu's final strategic planning session, Robin Li (Cofounder, Chairman, and CEO) assigned you to prepare a written report and announcement that would be prese

Explain when is it said to have a normal distribution, When a value of a va...

When a value of a variable(like the possible number of people who might be interested in your product) is said to have a normal distribution, how do the highest and lowest possible

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd