Decision Analysis

Question 1

Regret values… how do you find them in a table?

Answer 1

work out the highest value in each column

then write how how much difference there is in the lower values (e.g. £10000, £8000 and £6000 would be be £0, £2000 and £4000)

Question 2

Expected value calculated how?

Answer 2

times the figure by the probability and add all together