Review Test Submission: Quiz3 Content Course QMBLC Summer14Test Quiz3 • Question 1
A payoff table is given below and the probabilities of s1, s2, and s3 are .2, .5, and .3, respectively, then what is the most you pay for a highly reliable forecast? s1 s2 s3d1 250 750 500d2 300 -250 1200d3 500 500 600
• Question 2
Expected value is the sum of the weighted payoff possibilities at a circular node in a decision tree. • Question 3
A payoff table is given as; what choice should be made by the conservative decision maker? s1 s2 s3d1 250 750 500d2 300 -250 1200d3 500 500 600 • Question 4
For the payoff table below, the decision maker will use P(s1) = .15, P(s2) = .5, and P(s3) = .35.What is the expected value for the best decision? State of NatureDecision s1 s2 s3d1 -5,000 1,000 10,000d2 -15,000 -2,000 40,000 • Question 5
If the probability of s1 is .40 what is the value at node 11. • Question 6
Given the following table of payoffs use sensitivity analysis to determine at what probability or less you would select decision A?Decision Event1 Event 2A 0 20B 6 16C 8 0 • Question 7
Given the following table of payoffs use sensitivity analysis to determine at what probability or more you would select decision C?Decision Event1 Event 2A 0 20B 6 16C 8 0 • Question 8
If the probability of s1 = .6 and the probability of F = .40 what is the value at node 4.
• Question 9
The following is a payoff table giving profits for various situations.
What decision would an optimist make? • Question 10
The following is a payoff table.
What decision should be made based on the minimax regret criterion?
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