1. The highest value for the equally likely criterions is ________; this occurs with alternative ______. (1.5...
Question:
1. The highest value for the equally likely criterions is ________; this occurs with alternative ______. (1.5 pts)
States of Nature
Alternatives Option 1 | S1 $10,000 | S2 $30,000 |
Option 2 | $5,000 | $45,000 |
Option 3 | $-4,000 | $60,000 |
States of Nature | ||
Alternatives | S1 | S2 |
p | 0.6 | 0.4 |
Option 1 | 200 | 300 |
Option 2 | 50 | 350 |
2. What is the EMV for Option 1 in the following decision table?
3. What is the EMV for Option 2 in the following decision table?
4. What is the expected value under certainty in the following decision table? (EVwPI)
5. What is the expected value of perfect information? (EVPI)
Introduction to Operations Research
ISBN: 978-1259162985
10th edition
Authors: Frederick S. Hillier, Gerald J. Lieberman