Question: CE 5366- Water Resources Management Exercise Set 1 Purpose: Uncertainty and the impact of subtle changes in consequences and costs on the decision making. Critical

CE 5366- Water Resources Management Exercise Set 1 Purpose: Uncertainty and

CE 5366- Water Resources Management Exercise Set 1 Purpose: Uncertainty and the impact of subtle changes in consequences and costs on the decision making. Critical thinking and reading of classic documents from the literature. Exercise 1. Consider a decision (action) with the properties below 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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