Question: Consider now that you have the following expectations based on your analysis of the site. You Note: Submit this sheet with answers as well as

Consider now that you have the following expectations based on your analysis of the site. You Note: Submit this sheet with answers as well as your Excel sheet showing your formulas for

questions

3 - 9 .

believe that there is a

60 %

chance of an average season and a

25 %

chance of an extended season.

Calculate the following:

Probability of a Short season

Expected Values

(

)

for each decisions.

Which Decision Alternative do you choose based on EV

?

Expected Value Under Perfect Information

(

EVuPI

)

Expected Value of Perfect Information

(

EVPI

)

Consider now that you have the following expectations based on your

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