Quantitative Methods, statistics homework help

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Mathematics

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In your own words, explain how to obtain the “expected value of perfect information” for any payoff table, which has probabilities associated with each state of nature. Then, provide an example, drawing from any of the payoff tables in Problems 1-17 in the back of Chapter 12. If no probabilities are given for the states of nature, then assume equal likelihood.

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A television network is attempting to decide during the summer which of the following three football games to televise on the Saturday following Thanksgiving Day: Alabama versus Auburn, Georgia versus Georgia Tech, or Army versus Navy. The estimated viewer ratings (millions of homes) for the games depend on the win–loss records of the six teams, as shown in the following payoff table: Number of Viewers (1,000,000s) Game Both Teams Have Winning Records One Team Has Winning Record; One Team Has Losing Record Both Teams Have Losing Records Alabama vs. Auburn 10.2 7.3 5.4 Georgia vs. Georgia Tech 9.6 8.1 4.8 Army vs. Navy 12.5 6.5 3.2 Determine the best game to televise, using the following decision criteria. a. Maximax b. Maximin c. Equal likelihood
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Quantitative Method
In your own words, explain how to obtain the “expected value of perfect information” for any payoff table,
which has probabilities associated with each state of nature. Then, provide an example, drawing from any of
the payoff tables in Problems 1-17 in the back of Chapter 12. If no probabilities are given for the states of
nature, then assume equal likelihood.

The Expected value of perfect information refers to the greatest amount of money a decision
making person would incur for extra information (Armstrong, Collopy, Graefe, & Green., May
15, 201...


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