Question: Cost and Management accounting. Decision making methods as a topic. The question is Determining the optimal act using expected opportunity loss. QUESTION TWO (a) The

Cost and Management accounting. Decision making methods as a topic. The

Cost and Management accounting. Decision making methods as a topic.

The question is Determining the optimal act using expected opportunity loss.

QUESTION TWO (a) The payoffs (in kwacha) of three Acts A. Az and As and the possible states of nature Si. S and S, are given below: ACIS States of Nature #3 84 S - 20 200 S 200 -100 -50 400 600 S 300 The probabilities of the states of nature are 0 3, 0.4 and 0.3 respectively. Determine the optimal act using Expected opportunity Loss

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