TABLE 19-6 a Student Wanted to Find Out the Optimal Strategy to Strategy

question 20

True/False

TABLE 19-6
A student wanted to find out the optimal strategy to study for a Business Statistics exam.He constructed the following payoff table based on the mean amount of time he needed to study every week for the course and the degree of difficulty of the exam.From the information that he gathered from students who had taken the course,he concluded that there was a 40% probability that the exam would be easy.
-True or False: Referring to Table 19-6,the optimal strategy using the expected monetary value criterion is to study 16 hours per week on average for the exam.

---

Definitions:

Outputs Relative

The concept of comparing the productivity, efficiency, or performance outcomes of an entity to another or to a set standard.

Cost of Inputs

The total expenses incurred to acquire resources necessary for the production of goods or services.

Tech IQ

A measure of an individual's ability to understand, utilize, and adapt to technology effectively.

Task Accomplishment

The successful completion or achievement of a specific task, action, or job as defined by predetermined standards or objectives.