Question: In Problem S1-10, suppose Visions is able to assign probabilities to each of the states of nature for each of the suppliers/ports as follows. a.

In Problem S1-10, suppose Visions is able to assign probabilities to each of the states of nature for each of the suppliers/ports as follows.

States of Nature Declining Same Growth Conditions Conditions Decision Conditions .27 Hong Kong .45 .28 Singapore .18 .51

a. Using expected value, determine the port/supplier Visions should use.
b. Based on the results from Problem S1-10 and the result from part a, is there a best overall decision?

States of Nature Declining Same Growth Conditions Conditions Decision Conditions .27 Hong Kong .45 .28 Singapore .18 .51 .31 Shanghai .22 .61 .17 Busan .15 .45 .40 Kaohsiung .25 .38 .37

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