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Calculate the expected values

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Reference no: EM133103478

Refer to the payoff table given below and provide answers to the questions,

You are an investor planning to invest in a business of organic plants. You have recently gathered some information about stores in three areas that are popular for organic plants business. 

Assessment results on the number of stores doing competitive organic plants businesses in Victoria

Alternatives

Highly competent stores

Moderately competent stores

Incompetent stores

Expected value (EV)

Probability

0.6

0.4

0.52

 0.6

Burwood

50

67

8

 

Knox city

80

52

10

74

Ringwood

45

22

15

 
  1. Calculate the expected values
  2. What is the best investment decision? Why is it the best?
  3. Find the best investment alternative using Maximin approach? Why do you think it is the best alternative?
  4. Find the best investment alternative using Maximax approach? Why do you think it is the best alternative?

Reference no: EM133103478

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