Asked by Megan Byers on May 06, 2024

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{Car Audio Store Narrative} What is the expected value of perfect information?

Expected Value

The long-term average value of a random variable over many repetitions of an experiment.

  • Absorb the essence of expected value during decision-making when all relevant information is available.
  • Apply decision-making techniques and concepts within different business instances, like maintenance operations, automobile audio establishments, and custom-designed home projects.
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Amanda JonesMay 11, 2024
Final Answer :
EVPI = EPPI − EMV* = 32.4 − 28.6 = 3.8,or
EVPI = EOL* = 3.8