Homework Answers
Answer:
Let us calculate expected values of 3 alternatives:
Alternative 1 Expected value = 0.15 * 2199 + 0.4 * 2199 + 0.45 * 2199 =2199
Alternative 2 Expected value = 0.15 * 2500 + 0.4 * 2771 + 0.45 * 1000 =1933.40
Alternative 3 Expected value = 0.15 * 5000 + 0.4 * 3500 + 0.45 * -703 =1833.65
Hence:
Expected value of best value alternative = 2199
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