Question $2$

Clay Whybark, a soft$-$drink vendor for Hard Rock Cafe's annual Rockfest, created a conditional

values for the various alternatives $($i$.$e$.$ stocking decision$)$ and states of nature $($i$.$e$.$ size of

crowd$).$

Determine the appropriate decision under uncertainty using

a$.$ Maximax

b$.$ Maximin

Determine the expected monetary value $($EMV$)$ of each decision. Which one has the

greatest EMV?

Compute the expected value of perfect information $($EVPI$).$