Question: Answer Question b. from the given excel file.. 1 hour left. Do as soon as possible 0.5 Oil 345 Drill 1000 345 -50 445 0.5


Answer Question b. from the given excel file.. 1 hour left. Do as soon as possible
0.5 Oil 345 Drill 1000 345 -50 445 0.5 Dry 0.5 Favoursble 0 -55 445 Sell 85 30 85 Do Survey 0.5 -5 445 Oil 945 Drill 1000 345 -50 445 0.5 0.5 Unfavourable Dry -55 - -55 0 445 7 Sell 450 85 85 0.5 Oil 1 2 3 4 950 Drill 1000 950 -50 450 0.5 Dry No Survey -50 0 -50 0 450 2 90 90 90 44 65 b. Incorporate the prior and posterior probabilities in the given decision tree for Goferbroke Company here. Then answer to the following questions: The optimal policy is If the result is favorable If the result is unfavorable (in $ The expected payoff (including the cost of the seismic survey) is thousands)Step by Step Solution
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