Reference no: EM131418992
A concessionaire for the local ballpark has developed a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd).
large avrg small
Large Inventory $22,000 $12,000 -$2,000
Average Inventory $15,000 $12,000 $6,000
Small Inventory $9,000 $6,000 $5,000
If the probabilities associated with the states of nature are 0.30 for a large crowd, 0.50 for an average crowd, and 0.20 for a small crowd, determine
(a) The alternative that provides the greatest expected monetary value (EMV)
(b) Draw the decision tree for this problem.
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Greatest expected monetary value
: A concessionaire for the local ballpark has developed a table of conditional values for the various alternatives (stocking decision) and states of nature (size of crowd). The alternative that provides the greatest expected monetary value (EMV).
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