Expected value of sample information evsi expected value of, Operation Management

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Expected value of sample information evsi expected value of

Below are nine terms that are critical to your understanding of the materials we will cover this week. Copy them to a Word document and describe in your own words what they mean and why they are important. You may use your text and or your best friend (Google).

Terms

Payoff (or cost) table

Maximin criterion

Maximax criterion

Expected monetary value (EMV)

EMV criterion

Decision tree

Bayes' rule

Expected value of sample information (EVSI)

Expected value of perfect information (EVPI)

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Operation Management: Expected value of sample information evsi expected value of

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