QUESTION 1 Expected monetary value (EMV) is: the average or expected value of the decision if you knew what would happen ahead of time the weighted average of possible monetary values weighted by their probabilities the average or expected value of the information if it was completely accurate the amount that you would lose by not picking the best alternative QUESTION 2 Which of the following statements is true concerning decision tree conventions? Time proceeds from right to left The trees are composed of circles triangles and ovals The nodes represent points in time Probabilities of outcomes are shown to the right of the end nodes QUESTION 3 The expected value of information (EVI) is the difference between the EMV obtained with free sample information and the EMV obtained without any information True False QUESTION 4