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###### CUL610-NBC China and the World

Part I   1. What is the best way to maintain stability in China?  What are the factors that might contribute to social stability and what are the factors that might contribute to so ...

Course

CUL610NBC

Type

Programming

Subject

University

Seneca College

6 Pages

A recent SURVEY of 100 households in the hobby-farm area of Hinterwalden produced the following results about vehicle ownership: 73 households admitted owning a car. 70 households admitted owning a TR ...

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### Question

1. You are given the following payoff table for a decision analysis problem. Alternative State of Nature S1 S2 S3 A1 4000 0 0 A2 0 2000 0 A3 3000 0 1000 Prior probability 0.2 0.5 0.3 Answer the following questions. a) Which alternative should be chosen under the maximin payoff criterion? b) Which alternative should be chosen under the maximum likelihood criterion? c) Which alternative should be chosen under Bayes’ decision rule?2 d) Using Bayes’ decision rule, do sensitivity analysis graphically with respect to the prior probability of states S1 and S2 (without changing the prior probability of states S3) to determine the crossover point(s) where the decision shifts from one alternative to the other. Then use algebra to calculate this crossover point(s). e) Find EVPI. f) You are given the opportunity to spend \$1000 to obtain more information about which state of nature is likely to occur. Given your answer to part e), might it be worthwhile to spend this money? 2. You are given the opportunity to guess whether a coin is fair or two-headed, where the prior probabilities are 0.5 for each of these possibilities. If you are correct, you win \$5; otherwise, you lose \$5. You are also given the option of seeing a demonstration flip of coin before making your guess. a) Develop a payoff table with identifying the alternative actions, states of nature. b) Calculate the posterior probability if the demonstration flip is a tail. Do the same if the flip is a head. Hint: Draw a decision tree. c) Now suppose that you must pay to see the demonstration flip. What is the most that you should be willing to pay?

### Decision Analysis

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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## More Decision Analysis: Questions & Answers

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You are part of an Australian Company’s task force that has been asked to assess the feasibility of setting up offshore help desks to support Australian broadband customers. You should write a report on the HRM problems/ issues that are likely to be encountered in Malaysia of the following loc ...

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1. Provide a brief description of the business ethical foundations in general (mainly as an introductory part of your assignment on the basis of the literature review); â€¨ 2. Identify and discuss the ethical practices been in the workplace (or implemented by the selected profit-oriented firm) ...

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### CUL610-NBC China and the World

Part I   1. What is the best way to maintain stability in China?  What are the factors that might contribute to social stability and what are the factors that might contribute to social unrest and instability?   (5 Marks)   Part II   The second part of the ...

Q

A recent SURVEY of 100 households in the hobby-farm area of Hinterwalden produced the following results about vehicle ownership: 73 households admitted owning a car. 70 households admitted owning a TRUCK. 48 said they owned both a car and a truck. No household admitted to owning more than one truck ...

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