1. Calculate the expected monetary value (EMV) for each alternative.
2. Identify the best alternatives using EMV.
3. Calculate the expected value with perfect information (EVwPI).
4. Calculate the expected value of perfect information (EVPI).

Note: Answer all parts with calculations.

2. (9 marks) A hospital must decide how many cases of ampule to order to meet this month's demand. Ampoule that is unsold at the end of the month is thrown away. The revenue for each unit is $20 and the cost per unit in $10. The loss is $5 per unit unsold (if you order more than demand, it will cost you $5 per extra unit that is more than demand). Demand Probability 20 units 0.2 21 units 0.2 22 units 0.3 23 units 0.3 Complete the following payoff table Outcomes & Probabilities 20 units 21 units 22 units Alternatives 0.2 0.2 0.3 23 units 0.3 20 units 21 units 22 units 23 units