Question
You are facing a complex decision with several courses of possible action and probabilities associated with them. The current decision tree, based on the best
You are facing a complex decision with several courses of possible action and probabilities associated with them. The current decision tree, based on the best possible estimates of probabilities and outcomes is as follows:
Path : $
Path : $
Path : $
Since this is a high frequency and low impact decision, your firm can easily pick path
As you are about to set that decision in motion, you learn certain information is available from a consultant such that you can reliably eliminate a key source of uncertainty such that the paths are now worth the following:
Path : $
Path : $
Path : $
How much is this information worth?
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