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Value of perfect information
This relates to the amount that we would pay for an item of information such would enable us to forecast the exact conditions of the market and act accordingly.
The EVPI or expected value of perfect information is the expected outcome along with perfect information minus the expected outcome with no perfect information namely the maximum EMV
Illustration
From above table and described that the probabilities are Boom 0.6, steady state 0.3 and recession 0.1 then
When situations of the market are; boom launch product C: profit = 16
When situations of the market are; steady state launch product B: profit = 6
When situations of the market are; recession launch product B: profit = 12
The expected profit along with perfect information will be
(16 x 0.6) + (6 x 0.3) + (12 x 0.1) = 12.6
Our expected profit choosing product C is 7
The maximum price that we would pay for perfect information is 12.6 - 7 = 5.6
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approximate value is the precise or the accurate value which is measured to the actual value.., approximation is how close the measured value is to the actual value , for example
Joey participated within a dance-a-thon. His team begin dancing at on Friday 10 A.M. and stopped at 6 P.M. on Saturday. How many hours did Joey's team dance? From 10 A.M. Frida
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samuel left mauritius at 22:30 on saturday and travelled to london (GMT) for 14h30min he had a stopover for 4 h in london and he continued to travel to toronto for another 6h20min
Translate the following formula into a prefix form expression in Scheme: 5+4*(6-7/5)/3(14-5)(3+1)
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