Question: CE 5366 Purpose: Exercise SPRING 2023 CE 5366 Water Resources Management Exercise Set 1 Uncertainty and the impact of subtle changes in consequences and

CE 5366 Purpose: Exercise SPRING 2023 CE 5366 Water Resources Management Exercise

CE 5366 Purpose: Exercise SPRING 2023 CE 5366 Water Resources Management Exercise Set 1 Uncertainty and the impact of subtle changes in consequences and costs on the decision making. Critical thinking and reading of classic docu- ments from the literature. 1. Consider a decision (action) with the properties below Action Outcome Probability A 200,000 live; 400,000 die 100% B 198,000 live; 402,000 die 100% Suppose the decision makers goal is to maximize the expected value of number of lives. Suppose the "cost" to implement either action is identical. Which action would you choose? Why?

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