decision making problem statistics for business

Based on past experience, the owner of Radius Cycling Co. makes assumptions about the demand for the high-end bike (see the pay-off table below): Demand for High-End Bikes Moderate Low Demand High Demand Demand Stock High-End 3000 8000 10000 Bikes Stock Decision Moderately 7700 3500 2100 Priced Bikes Probability of State 0.3 0.5 0.2 of Nature (a) Compute the expected monetary value for each decision: EMV (Stock High-End Bikes) = EMV (Stock Moderately Priced Bikes) = (b) Determine the best decision using the EMV criterion. Select an answer(c) Determine the best decision using the EOL criterion. Fill in and use the opportunity loss table: Demand for High-End Bikes Low Demand Moderate Demand High Demand Stock High-End Bikes Stock Decision Moderately Priced Bikes Probability of State 0.3 0.5 0.2 of Nature (d) Compute the expected opportunity loss value for each decision. EOL(Stock High-End Bikes) = EOL(Stock Moderately Priced Bikes) = (e) State your EOL decision: | Select an answer (f) Find the expected value of perfect information EVPI =