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Greatest expected monetary value

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Reference no: EM131941888

Drew? Thomas, a sandwich 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):

alternatives big average small

large stock $22,000 $10,000 -$2500

average stock $16,000 $9,000 $5,500

small sock $9,000 $8,100 3,200

The probabilities associated with the states of nature are 0.30 for a? big? demand, 0.5 for an? average? demand, and 0.20 for a small demand.

??a) The alternative that provides Andrew Thomas the greatest expected monetary value? ?is large stock

The EMV of this decision is ??$______

??b) The expected value of perfect information? ?EVPI for Andrew? Thomas? = ??$______

Reference no: EM131941888

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