Mathematics, 16.10.2020 14:01 putaprincess16
The machine shop owner is considering hiring a military consultant to ascertain whether the shop will get the government contract. The consultant is a former military officer who uses various personal contacts to find out such information. By talking to other shop owners who have hired the consultant, the owner has estimated a 0.75 probability (P(F) = 0.75 ) that the consultant would present a favorable report, given that the contract is awarded to the shop, and a .80 probability (P(Un) = 0.80) that the consultant would present an unfavorable report, given that the contract is not awarded.
Required:
Using decision tree analysis, determine the decision strategy the owner should follow, the expected value of this strategy, and
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The machine shop owner is considering hiring a military consultant to ascertain whether the shop wil...
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