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.
-Referring to Table 19-6, the optimal strategy using the coefficient of variation criterion is to study 8 hours per week on average for the exam.
Definitions:
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