The EVPI(expected value of perfect information) is: a. the theoretical value of
ID: 3157952 • Letter: T
Question
The EVPI(expected value of perfect information) is:
a.
the theoretical value of perfect knowledge
b.
a decision making criterion useful when probabilities of states of nature are not known
c.
the primary strategy to use with decision making under certainty
d.
None of the above are correct.
a.
the theoretical value of perfect knowledge
b.
a decision making criterion useful when probabilities of states of nature are not known
c.
the primary strategy to use with decision making under certainty
d.
None of the above are correct.
Explanation / Answer
The EVPI(expected value of perfect information) is:
a decision making criterion useful when probabilities of states of nature are not known
we use EVPI when we have a tree diagram to see alternatives and evaluate each one and see what alternative has the expected value more bigger
a decision making criterion useful when probabilities of states of nature are not known
we use EVPI when we have a tree diagram to see alternatives and evaluate each one and see what alternative has the expected value more bigger
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