Decision Analysis w/ Payoff Tables and States of Nature

This question is fairly simple, but the class that I'm in is mostly self-study. So I'm looking for someone to provide an answer that I can compare to mine. I'm getting ready for an exam that will be in three weeks, and this was a study question. Please see the attached file for the question.

Decision Analysis w/ Payoff Tables and States of Nature

This question is fairly simple, but the class that I'm in is mostly self-study. So I'm looking for someone to provide an answer that I can compare to mine. I'm getting ready for an exam that will be in three weeks, and this was a study question. Please see the attached file for the question.

MiniMax and Decision Tree Payoff Questions

I have 3 individual questions related to a class lecture that we had on Payoff Alternatives and Regret. These questions should be VERY simple, and probably take less than 2 minutes to answer... so I believe that one (1) credit is reasonable for the quick answers... 1. Is it true that the payoff at the end of a decision tree represents everything along the path leading to that end? 2. Are the several potential outcomes resulting from a decision called "decision alternatives", or are they called "states" ? 3. For a given event, if the payoffs for alternatives 1, 2, and 3 (the only alternatives) are 50, 125, and -50 respectively, what is the regret associated with alternative ... click for more

M/G/1 Queuing Model

Please see attached. I get a) to equal .5, but b) and c) aren't clear to me. Can you please show me the math? Thanks.

MiniMax and Decision Tree Payoff Questions

For the attached problem, I need help with c, d, and e. For a) I get Decision B For b) I get Decision C The answers for c, d, and e were shown in class to be as follows, but I need to see how they were obtained: c) Decision A d) EV(A)= 695 (best) EV(B)= 385 EV(C)= 500 e) EVPI=230 Please show me how to compute the answers to c, d, and e. Thanks.