Your car is making a funny noise. You believe that the problem is either with the wheel or the axle,and you believe the probability is 0.3 that the wheel needs to be replaced, and 0.7 that the axle needs tobe replaced. You need to decide whether to replace the wheel or the axle first. The cost of eachalternative is given in the following table (if you decided to replace the wrong part first, you have toreplace both of them).The Wheel is brokenp = 0.3The Axle is brokenp = 0.7Replace Wheel FirstReplace Axle First60015001500900a) Find the EV of each decision alternative. Which part should you replace first?b) What is the EVPI?

Name: Your car is making a funny noise. You believe that the problem is eit
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Description: Your car is making a funny noise. You believe that the problem is either with the wheel or the axle,and you believe the probability is 0.3 that the wheel needs to be replaced, and 0.7 that the axle needs tobe replaced. You need to decide whether to

Given: Formula used: EV=Pxn Where P(x) is probablity and n are the number of events. EVPI=EVWPI-EV…

Math

Advanced Math

Your car is making a funny noise. You believe that the problem is either with the wheel or the axle, and you believe the probability is 0.3 that the wheel needs to be replaced, and 0.7 that the axle needs to be replaced. You need to decide whether to replace the wheel or the axle first. The cost of each ilternative is given in the following table (if you decided to replace the wrong part first, you have to eplace both of them). The Axle is broken _p = 0.7 1500 900 The Wheel is broken p = 0.3 600 Replace Wheel First Replace Axle First 1500 a) Find the EV of each decision alternative. Which part should you replace first? b) What is the EVPI?

Your car is making a funny noise. You believe that the problem is either with the wheel or the axle, and you believe the probability is 0.3 that the wheel needs to be replaced, and 0.7 that the axle needs to be replaced. You need to decide whether to replace the wheel or the axle first. The cost of each ilternative is given in the following table (if you decided to replace the wrong part first, you have to eplace both of them). The Axle is broken _p = 0.7 1500 900 The Wheel is broken p = 0.3 600 Replace Wheel First Replace Axle First 1500 a) Find the EV of each decision alternative. Which part should you replace first? b) What is the EVPI?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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