Question Description
I’m working on a management writing question and need an explanation and answer to help me learn.
The reading is Chapter 5 Supplemental.
Book: https://drive.google.com/file/d/1eCQ4a2Cm8GrU_CFMq…
What information does a decision maker need in order to perform an expected-value analysis of a problem? What options are available to the decision maker if the probabilities of the states of nature are unknown? Can you think of a way you might use sensitivity analysis in such a case?
