What is the expected value

Reference no: EM13784515

Question: I am not understanding the concept please provide formula and how you get the answer to help simplify here are two questions:
outcome Probability
1 1/4
2 1/2
3 1/4
What is the expected value?

2- an architect is considering bidding for a design of a new museum. The cost of drawing plans and submitting a model is $15,000, The probability of being awarded the bid is 0.1, and anticipated profits are $150,000, resulting in a possible gain of this amount minus the $15,000 cost for the plans and model. What is the expected value?

Reference no: EM13784515

Questions Cloud

Case study on inventory and supply chain management : Normal 0 false false false EN-US X-NONE X-NONE Inventory and supply chain management.

Write paper for constitional law : Write Paper for constitional law

How does the present value of an ordinary annuity formula : If a company has a DSO above the industry average, what can the company do to get its DSO below the industry average? 2. How does the present value of an ordinary annuity formula compare with the present value of an annuity due formula?

Type of structure-functional-divisional-matrix-modular : What type of structure would you choose for your organization/business (simple, functional, divisional, matrix, modular, and/or virtual)? Explain why you chose a specific structure.

What is the expected value : The probability of being awarded the bid is 0.1, and anticipated profits are $150,000, resulting in a possible gain of this amount minus the $15,000 cost for the plans and model. What is the expected value?

Create the switch statement to implement set of conditions : Create the necessary switch statement to implement this set of conditions.

Who does not love reading a good article on the onion : A person can open the internet and find an article criticizing virtually anything. Satire is really used now more for political entertainment. Who doesn't love reading a good article on The Onion?

Strategic plan to grow the business or organization : Conduct a quick SWOT analysis to determine areas that offer opportunities for change.

Relationship between a firms strategy and its structure : Why is it important for managers to carefully consider the type of organizational structure that they use to implement their strategies? Discuss the relationship between a firm’s strategy and its structure. Thoroughly support and substantiate your re..

User Account

All Pages