pls help Andrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various alternatives (stocking decision) andstates of nature (size of crowdy.States of Nature (demand)AlternativesBigAverageSmallLarge StockAverage Stock$10,000- $2,000$6,000$4,800$22,000$14,000$10,000Small Stock$8,400$7,500The probabilities associated with the states of nature are 0.25 for a big demand, 0.45 for an average demand, and 0.30 for a small demand.a) The alternative that provides Andrew Thomas the greatest expected monetary value (EMV) isThe EMV of this decision is $ (ontor your answer as a whole number).b) The expected value of perfect information (EVPI) for Andrew Thomas Ss (ontor your answLarge StockSmall StockAverage Stock

A decision making is the process of choosing best course of action from all alternative decision.…

Answered: a) The alternative that provides Andrew…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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a) The alternative that provides Andrew Thomas the greatest expected monetary value (EMV) is The EMV of this decision is $ (enter your answer as a whole number). b) The expected value of perfect information (EVPI) for Andrew Thomas $ (entor your answ