Problem
1. Give reasons why a firm's management might seek the advice of a consultant.
2. Discuss how information can be measured as "bits."
3. Give an interpretation of the expected value of perfect information.
4. Explain what is meant by the prior and posterior probabilities of an event.
5. Using the concept of probability, explain what is meant by the reliability of a management consultant's advice about an uncertain event.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.