In Problem 9.33, the issue is whether or not to close the plant. If your boss knew
Question:
In Problem 9.33, the issue is whether or not to close the plant. If your boss knew exactly how many machines would fail during your absence; he would be able to decide what to do without the fear of making a mistake.
a. Find his EVPI concerning the number of machine failures during your absence over the next 2 weeks.
b. Suppose that the cost of repairing the broken machines is $30,000.Then what is EVPI?
c. Suppose that the cost of repairing the machines is $15,000 but the cost of closing the plant is $20,000. Now calculate EVPI.
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a EVPI ECost of leaving plant open ECost of information 3960 26...View the full answer
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Related Book For 
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ISBN: 978-0538797573
3rd edition
Authors: Robert Clemen, Terence Reilly
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