Homework Answers
Answer 38 =EVUII for decision alternative 1= 0.2*33+0.5*26+0.3*18=25
EVUII for decision alternative 2= 0.2*18+0.5*29+0.3*31=27.4
EVUII for decision alternative 3= 0.2*15+0.5*19+0.3*16=17.3
EVUII for decision alternative 4= 0.2*23+0.5*23+0.3*11=194
As EVUII is best for decision alternative 2 so the correct option is = Decision Alternative 2
Answer 4=
| Decision alternative | Good | Bad |
| DA1 | 5 | -3 |
| DA2 | -5.6 | 8.1 |
| DA3 | 9.2 | 0 |
| DA4 | -5.3 | 5.2 |
| Decision alternative | Good | Bad |
| DA1 | 9.2-5 | 8.1-(-3) |
| DA2 | 9.2-(-5.6) | 8.1-8.1 |
| DA3 | 9.2-9.2 | 8.1-0 |
| DA4 | 9.2-(-5.3) | 8.1-5.2 |
| Regret Table= | ||
| Decision alternative | Good | Bad |
| DA1 | 4.2 | 11.1 |
| DA2 | 14.8 | 0 |
| DA3 | 0 | 8.1 |
| DA4 | 14.5 | 2.9 |
The opportunity cost for DA2 (good)=14.8
So the correct answer= 14.8
Answer 5= Pay off DA2 (Good) =12
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