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What decision would you recommend hint set up a payoff

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A financial executive lives in Ottawa but frequently must travel to Toronto. She can go to Toronto by car, train, or plane. The cost for a plane ticket from Ottawa to Toronto is S285, and it is estimated that the trip takes 65 minutes in good weather and 70 minutes in bad weather. The cost for a train ticket is $190, and the trip takes four hours in good weather and 4 hours, 10 minutes in bad weather. The cost to drive her own car from Ottawa to Toronto is $70, and this trip takes four hours in good weather and five in bad weather. The executive places a value of $75 per hour on her time. The weather forecast is for a 60 percent chance of bad weather tomorrow.

What decision would you recommend? (Hint: Set up a payoff table, and remember that you want to minimize costs ) What is the expected value of perfect information?

Reference no: EM13574586

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