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

question 63

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 17-6, what is the coefficient of variation of spending 8 hours per week on average studying for the exam?

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Definitions:

Internal Customer

Employees or departments within an organization that use resources or services provided by other parts of the organization.

Voice-Ordering Chatbot

An automated messaging software that utilizes voice recognition technology to understand and process orders or requests made by users through spoken language.

Robot Delivery System

An automated system using robots to deliver goods and packages directly to a recipient's location.

Efficiency

Efficiency refers to the ability to accomplish a job with a minimum expenditure of time and resources. It is often used to describe the effectiveness of a process, system, or machine.