SCENARIO 20-6 a Student Wanted to Find Out the Optimal Strategy to Strategy

question 21

Short Answer

SCENARIO 20-6
A student wanted to find out the optimal strategy to study for a Business Statistics exam with scores out of 100 possible points.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.

-Referring to Scenario 20-6,what is the expected profit under certainty?

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Definitions:

Action

The act or process of doing something, typically to achieve an aim or to solve a problem.

Tasks

Specific pieces of work to be done or duties to be performed, often part of larger projects or job responsibilities.

Improvising

The art of creating and performing spontaneously or without preparation.

Continual Adjustments

An ongoing process of making small changes or modifications to improve or maintain performance in response to changing conditions or feedback.