TABLE 17-5 $$\text { The following payoff table showsprofits associated witha set of } 2 \text { alternatives under } 3 \text { possible events. }$$

question 61

Short Answer

TABLE 17-5
$$\text { The following payoff table showsprofits associated witha set of } 2 \text { alternatives under } 3 \text { possible events. }$$ $\quad$ $\quad$ $\quad$ $\quad$ $\text {Action }$
$\begin{array} { c c c } \text { Event } & A & B \\1 & 1000 & 1200 \\2 &500 & 700\\3&300&-200\end{array}$
Suppose that the probability of Event 1 is 0.2, Event 2 is 0.5, and Event 3 is 0.3.
-Referring to Table 17-5, what is the opportunity loss for Action A with Event 1?

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Definitions:

Specialised

Refers to a focus or concentration on a particular area of knowledge or activity, often indicating expertise.

Junction

The point where two or more things converge or are joined together, often referring to roadways, neurons, or other connections.

Neurons

Specialized nerve system cells that convey information to other neurons, muscles, or glands.

Hereditary Influence

The impact of genetic factors inherited from parents on an individual's traits, characteristics, and tendencies.