Describe the Meaning of EVPI

question 43

Essay

Describe the meaning of EVPI. Provide an example in which EVPI can help a manager.

---

Definitions:

Descriptive Methods

Methods that yield descriptions of behavior but not necessarily causal explanations.

Experimental Methods

Techniques and procedures used in science to study and manipulate variables to establish cause-and-effect relationships.

Blind Studies

Research designs in which the participants do not know whether they are receiving the experimental treatment or a placebo.

Significance Tests

Statistical tests that show how likely it is that a study’s results occurred merely by chance.