Using the following table, practice the Expected Monetary Value (EMV), Expected Opportunity Loss (EOL), and Expected Value of Perfect Information (EVPI).  Use the .30 for the probability of a Strong Market, .50 for the probability of a Fair Market, and .20 for the probability of a Poor Market.   Show your selections (highlight your best alternative).  show the work on an excel file.   PROFIT ($)   STRONG MARKET FAIR MARKET POOR MARKET Large facility 550,000 110,000 -310,000 Medium-sized facility 300,00 129,000 -

those determinations. Respond to the following questions in a minimum of 175 words: . Consider a situation that you might need to use your understanding of probability to make an informed decision. • What sorts of information would you collect? • How might you use what you have learned about probability to determine a course of action? What are the possible benefits and limitations of this approach? Due Monday Reply to at least 2 of your classmates. Be constructive and professional in your responses. Copyright 2020 by University of Phoenix. All rights reserved. New Group 1 17 Responses 33 Replies

‘Lottery A’ refers to a lottery ticket that pays $2,000 with a probability of 0.3, $8,000 with a probability of 0.4, $12,000 with a probability of 0.2, and $18,000 with a probability of 0.1.What is the expected value of Lottery A?A) $7200B) $8000C) $9000D) $7900E) None of the above

Question 4 Calculate the expected value of rolling a fair 13-sided dice. Add your answer 12 ZIE 10 11 16. 8 10 8 8 12 X