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Decision analysis to everyday life

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Reference no: EM132691523

Decision Analysis to everyday life - Decision: To Study for a test or not to study

  • Studying for the test decreases probability of failing test P(F) = .1 but costs $10 in lost time
  • Not studying costs nothing, but P(F) = .5
  • Assume passing the test is worth $100 to you and an F is worth nothing
  • Construct a decision tree and figure out the best decision and expected value

Reference no: EM132691523

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