Question

In: Statistics and Probability

alternative gold market average market bad market large shop 125,000 70,000 -80,000 medium shop 100,000 50,000...

alternative

gold market

average market

bad market

large shop

125,000

70,000

-80,000

medium shop

100,000

50,000

-60,000

small shop

75,000

30,000

-40,000

probability

0.3

0.5

0.2

Question 4

a) use the three different technique to assess the three alternatives to rashid

b) if rashid can buy an information about the market, use EVPI value to guide him

c) develop the opportunity loss table for this situation. What decisions would be made using the minimax regret criterion and the minimum EOL criterion

Solutions

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