If the probabilities of each economic condition are 0.5, 0.1, 0.35, and 0.05, respectively, what is the expected value of perfect information?
What will be an ideal response?
Answer: The EVPI is 28.5.
You might also like to view...
Franklin & Marshall College wishes to contact high school seniors at independent schools in Pennsylvania. Which of the following media would be most effective and efficient?
A) a Facebook page for the college B) local newspapers ads throughout the state C) radio ads throughout the state D) a direct mail piece sent to selected students E) billboards throughout the state
Which organizational pattern is prepared according to subject matter?
a. problem-cause-solution b. Monroe’s Motivated Sequence c. topical d. chronological
Answer the following statements true (T) or false (F)
An organization that allows its employees to exercise their voice in the workplace using democratic principles similar to those that are commonly accepted in a democratic society is one that exercises industrial democracy. The concept of employee voice suggests that employees should have the right to express their opinions in the workplace but only if they are consistent with the majority of employees or with the employer's perspective. While voice and equity are important to the employment relationship, efficiency is really the critical component. If an employer can be efficient, equity and voice will naturally follow. In the U.S., an employer has a right to own property and make a profit but society has the right to place limitations and restrictions on how those profits are made. Conflicts between what the employee wants and what the employer wants are generally resolved privately between the individual and his/her employer.
Pierre Cardin partnered with several other product manufacturers and attached its name to a wide assortment of products including clothing, housewares, and even cosmetics. Eventually, its brand image became diluted and lost its influence as a luxury manufacturer. Which of the following disadvantages of cobranding does this example illustrate?
A. lack of brand awareness B. overexposure C. loss of control D. lack of perceived quality E. accommodation