{Maintenance Company Narrative} Use the posterior probabilities for I 3 in the previous question to recalculate the expected monetary value of each act,then determine the optimal act and the EMV * .

Question

{Maintenance Company Narrative} Use the posterior probabilities for I 3  in the previous question to recalculate the expected monetary value of each act,then determine the optimal act and the EMV * .

Alisha DeVaun · Accepted Answer

Final Answer : EMV (a 1 )= (0.32)(80)+ (0.40)(60)+ (0.28)(200)= 105.6 EMV (a 2 )= (0.32)(120)+ (0.40)(130)+ (0.28)(140)= 129.6 EMV (a 3 )= (0.32)(90)+ (0.40)(170)+ (0.28)(100)= 124.8 The optimal act is a 2 .Hence,EMV *  = 129.6.

{Maintenance Company Narrative} Use the posterior probabilities for I₃ in the previous question to recalculate the expected monetary value of each act,then determine the optimal act and the EMV^*.

Definitions

Learning Objectives

Learning Objectives

Related questions

{Maintenance Company Narrative} Use the posterior probabilities for I3 in the previous question to recalculate the expected monetary value of each act,then determine the optimal act and the EMV*.

Definitions

Learning Objectives

Learning Objectives

Related questions

{Maintenance Company Narrative} Use the posterior probabilities for I₃ in the previous question to recalculate the expected monetary value of each act,then determine the optimal act and the EMV^*.