Assignment 2 - Quantitative Business Analysisjhayes
This week we will be looking into the details of the decision-making process in situations where there is (1) certainty, (2) risk, and (3) uncertainty. To do this, I need you to do the following:
I have attached a handout that might be useful in the "Course Content" section. (Have attached this Document in the Question Post)
1. Read pages 66-74 that describe the EMV, EOL, EVPI, and different ways to make decisions when you don't know the odds (Maximax, Maximin, Equally Likely, and the Criterion of Realism). If reading the book isn't getting you anywhere, consider using the handout located under "Course Documents."
2. Answer discussion questions 3-3, 3-4, 3-6, and 3-20 on pages 101-102 (answer them here). These questions are attached in the Question post
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