What is the EMV for Option 1 and 2 in the following decision table? Which one would you choose and why?
|
States of nature
|
Alternatives
|
S1
|
S2
|
p
|
.3
|
.7
|
Option 1
|
15,000
|
20,000
|
Option 2
|
10,000
|
30,000
|
Additional information
The problem related to Operations Management and it explains about choosing between EMV options and the reasons.
Word limit: 250