The best decision using expected value approach. Introduction: Expected value approach is commonly used approach in the decision analysis. It is determined by evaluating the product of payoff of each action with the occurrence of each action. It considers the importance of each event along with the given occurrences of the event.

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Chapter 1.S, Problem 34P

a)

Summary Introduction

To determine: The best decision using expected value approach.

Introduction: Expected value approach is commonly used approach in the decision analysis. It is determined by evaluating the product of payoff of each action with the occurrence of each action. It considers the importance of each event along with the given occurrences of the event.

b)

Summary Introduction

To determine: The best decision using Equal likelihood criteria.

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