Traditional concrete or self-consolidating concrete

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Reference no: EM132050349

Given: A civil engineer is faced with the decision to use traditional concrete or self-consolidating concrete (SCC) for constructing a structure in a very harsh climate. Seven out of every 10 times, structures built in mild climates using traditional concrete have a service life of 30 years, and those built in harsh climates (which occurs 3 out of every 10 times) have a service life of 20 years. On the other hand, structures built using SCC have a service life of 60 years in mild climates and 40 years in harsh climates. Find: Describe how you would make decisions under risk using (a) Expected Value of payoff criteria and (b) Maximax, Maximin, Minimax regret, and Laplace criteria.

Reference no: EM132050349

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