Question: THIS IS A DECISON TREE PROBLEM Martin has been a class A racquetball player for the past 5 years, and one of his biggest goals
THIS IS A DECISON TREE PROBLEM Martin has been a class A racquetball player for the past 5 years, and one of his biggest goals is to own and operate a racquetball facility. Unfortunately, the probability that a successful racquetball facility is only 0.32.If the facilit is successfiul, he will make a return of $118609 but if unsuccessful he will lose $28666. Marks lawyer has recommended that he employ one of the local marketing research groups to conduct a survey concerning the success or failure of a racquetball facility. The survey will cost $3688. The results of the survey would be favorable with probability of 0.6. The probability of a successful facility given a favorable survey is 0.77 and the probability of a succesful facility given an unfavrable survey is 0.16. MArtin can get the survey results before making the decision concerning if to open a racquetball facility;but he is not sure if the value of the research is woth the cost. Determine if he should have the survey or not.
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