Reference no: EM13254886
Clay Whybark, a soft-drink vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd):
States of Nature (demand)
Alternatives Big Average Small
Large stock $22,000, $12,000, -$2,000
Average stock $14,000 , $10,000 $6,000
Small stock $ 9,000 $ 8,000 $4,000
The probabilities associated with the states of nature are 0.3 for a big demand, 0.5 for an average demand, and 0.2 for a small demand.
* a) Determine the alternative that provides Clay Whybark the greatest expected monetary value (EMV).
* b) Compute the expected value of perfect information (EVPI).
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: Determine the alternative that provides Clay Whybark the greatest expected monetary value (EMV).
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