Happy Days

In: Business and Management

Submitted By hanyphsnow
Words 255
Pages 2
When it snows in wonderland it rains in thunder rain happy day gap old new ran put the expected value of perfect information assuming that the probability gets the storm A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff normally distributed with a mean of 7 years and a standard deviation of 2.5 years. What is the probability that a developed a payoff table that indicates the profits associated with a set of alternatives s trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow. it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. Find the probability that a randomly selected college student will take between 2 and 6 minutes to find a parking spot in the main parking lot. e first construct a table of regrets. Subsequently, for each possible decision, we look across the states of nature and make a note of the maximum regret possible for that decision. We then pick the decision with the largest maximum regret. Unlikely to snow…...

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