Construct the decision tree diagram. Answer NA and upload the decision tree in this bin. Blank 1 b) What is the expected value of this decision? Answer in figure only without comma. Blank 2 c) What is your decision? Answer either Invest in Site A, Invest in Site B, or Invest on Site C. Blank 3
operations research2 -decision analysis, i need it asap to undertsand it ty!!!, pls do the manual no shortcuts appreciated it
a) Construct the decision tree diagram. Answer NA and upload the decision tree in this bin. Blank 1
b) What is the expected value of this decision? Answer in figure only without comma. Blank 2
c) What is your decision? Answer either Invest in Site A, Invest in Site B, or Invest on Site C. Blank 3
d) What is the expected value given perfect information? Answer in figure only without comma. Blank 4
e) What is the EVPI? Answer in figure only without comma. Blank 5
In order to obtain more information about the potential presence of gold, the company has hired a geologist to analyze the soil. Past history indicates that there is a 60% chance that the geologist’s test is positive given the presence of gold, and 35% chance that the test is positive given the absence of any gold.
f) What is the probability that the test is positive? Answer in 3 decimal places. Blank 6
g) What is the probability that gold is present, given test is negative? Answer in 2 decimal places. Blank 7
h) What is the probability of the presence of gold given that the geologist’s test yielded a positive result? Answer in 2 decimal places. Blank 8
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