Let a shoe company know that 40% of the models it produces will be sold in good economic conditions, in the middle 50% and in bad economic conditions 10%. Accordingly, the monetary values to be obtained for the X,Y, Z and T models it produces are as in the table. Calculate the expected value of complete information.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Let a shoe company know that 40% of the models it produces will be sold in good economic conditions, in the middle 50% and in bad economic conditions 10%. Accordingly, the monetary values to be obtained for the X,Y, Z and T models it produces are as in the table. Calculate the expected value of complete information.
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