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TABLE 19-5 The following payoff table shows profits associated with a

Question : TABLE 19-5 The following payoff table shows profits associated with a

TABLE 19-5

The following payoff table shows profits associated with a set of 2 alternatives under 3 possible events.

Event

Action A

Action B

1

1000

1200

2

500

700

3

300

-200

Suppose that the probability of Event 1 is 0.2, Event 2 is 0.5, and Event 3 is 0.3.

84) Referring to Table 19-5, what is the EMV for Action A?

85) Referring to Table 19-5, what is the EMV for Action B?

86) Referring to Table 19-5, what is the opportunity loss for Action B with Event 3?

87) Referring to Table 19-5, what is the opportunity loss for Action B with Event 1?

88) Referring to Table 19-5, what is the opportunity loss for Action A with Event 1?

89) Referring to Table 19-5, what is the opportunity loss for Action A with Event 2?

90) Referring to Table 19-5, what is the EOL for Action A?

91) Referring to Table 19-5, what is the EOL for Action B?

92) Referring to Table 19-5, what is the optimal action using maximax criterion?

93) Referring to Table 19-5, what is the optimal action using maximin criterion?

94) Referring to Table 19-5, what is the optimal action using EMV?

95) Referring to Table 19-5, what is the optimal action using EOL?

96) Referring to Table 19-5, what is the EVPI for this problem?

97) Referring to Table 19-5, what is the expected profit under certainty (EPUC ) for this problem?

98) Referring to Table 19-5, what is the standard deviation for Action A?

99) Referring to Table 19-5, what is the coefficient of variation for Action A?

100) Referring to Table 19-5, what is the return to risk ratio for Action B?

101) Referring to Table 19-5, what is the optimal action using the coefficient of variation?

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