Question: Given the following payoff table for selecting three different sites for opening a new business store: Site Successful Business Festival city Mall Emirates Mall Dubai

Given the following payoff table for selecting

Given the following payoff table for selecting three different sites for opening a new business store: Site Successful Business Festival city Mall Emirates Mall Dubai Mall 500 K AED 600 K 800 K Unsuccessful Business -200 K -200 K -400 K Suppose the probability of success is not constant but depends on the site. You figure out the probability of success is Site Festival city Mall Emirates Mall Dubai Mall Probability of Success .55 .65 .75 Draw decision tree and select your best alternative based on Expected value. Calculate EVPI

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