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A manufacturing company must decide whether to manufacture a component part. The consulting profit is dependent upon the demand for the product. The following show the projected profit ( in thousands of dollars).
Low demand
Medium demand
High demand
Decision Alternative
S1
S2
S3
Manufacture, d1
-20
40
100
Purchase, d2
10
45
70
P(S1)= 0.35
P(S2)=0.35
P(S3)=0.3
1) Use EVPI to determine whether the company should attempt to obtain a better estimate of demand.
2) A market study of the potential demand for the product is expected to report a favorable (F) or unfavorable (U) condition
P(F|S1)=0.1
P(F|S2)=0.4
P(F|S3)=0.6
what is the probability that the market research report will be favorable?
3) What is the expected value of sample information (EVSI)?
Please only type answer on word document
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