{Gross Profits Narrative} If the probability of s₁ is 0.5,then the expected opportunity loss (EOL)for a₃ is ____________________.

Expected Opportunity Loss

The anticipated value of the best foregone opportunity when a particular decision is made.

Gross Profits

Total revenue of a company minus the cost of goods sold, not including other operating expenses.

Payoff Table

A table that lists the possible outcomes of different decisions, often used in decision analysis to compare the implications of various strategies.