TABLE 17-6
a Student Wanted to Find Out the Optimal

question 3

Short Answer

TABLE 17-6
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 average amount of time he needed to put in every week studying 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.
$$\begin{array} { | l | c | c | c | } \hline & \text { 16 hours } & 8 \text { hours } & \text { 4 hours } \\\hline \text { Easy Exam } & 40 & 60 & 80 \\\hline \text { Difficult Exam } & 100 & 50 & 0 \\\hline\end{array}$$
-Referring to Table 17-6, how many possible states of the world are there?

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Definitions:

PLC Program

A sequence of instructions written for a Programmable Logic Controller (PLC) to automate machinery or processes.

Structured Text

A high-level programming language designed for industrial automation. It resembles the syntax of Pascal and is one of the five languages for programming PLCs.

Functional Block Diagram

A graphical representation that illustrates the functions and flow of data among different blocks of a system, highlighting the system's functional interactions.

Ladder Diagram

An industry standard for representing relay logic control systems. The diagram resembles a ladder because the vertical supports of the ladder appear as power feed and return buses and the horizontal rungs of the ladder appear as series and/or parallel circuits connected across the power lines.