QUESTION 5 Pavol Table For Decision Making (15 points) The following Cost payoff table was...
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QUESTION 5 Pavol Table For Decision Making (15 points) The following Cost payoff table was obtained from a Real Estate Agent in Edmonton Alberta for your recommendation. Decision States of nature Alternatives 550 760 480 870 D3 750 640 a) What is the best decision according to the conservative decision strategy? b) Considering the following probabilities for the states of nature, what is the best decision to be chosen? P(SI) -0.15. P(S2) -0.35, and P(S3) -0.5. 12 minutes on slide c) Calculate the Expected value of perfect information. laget Khang QUESTION 5 Pavol Table For Decision Making (15 points) The following Cost payoff table was obtained from a Real Estate Agent in Edmonton Alberta for your recommendation. Decision States of nature Alternatives 550 760 480 870 D3 750 640 a) What is the best decision according to the conservative decision strategy? b) Considering the following probabilities for the states of nature, what is the best decision to be chosen? P(SI) -0.15. P(S2) -0.35, and P(S3) -0.5. 12 minutes on slide c) Calculate the Expected value of perfect information. laget Khang
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