5 The following decision tree describes a decision problem involving two alternative decisions D= {d1, d2} and three states of the environment X = {x1, x2, x3}. Several numbers are omitted but the EMV for the tree is known to be 113 (where the objective is to maximise the utility). 120 X2 0.4 100 di a X3 4 113 150 X2 0.4 80 100 X3 4 40 (a) Determine the values of a, p, q, b. (b) Draw the 'flipped' tree for this problem and calculate EMV(perfect). (c) Calculate the EVPI.

5 The following decision tree describes a decision problem involving two alternative decisions D= {d1, d2} and three states of the environment X = {x1, x2, x3}. Several numbers are omitted but the EMV for the tree is known to be 113 (where the objective is to maximise the utility). 120 X2 0.4 100 di a X3 4 113 150 X2 0.4 80 100 X3 4 40 (a) Determine the values of a, p, q, b. (b) Draw the 'flipped' tree for this problem and calculate EMV(perfect). (c) Calculate the EVPI.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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