Statistics

a substitute for Discussion Forum 4: You only need one initial response to either Discussion Forum 4 or 4a but not both, and 2 other responses to your classmates in Discussion Forum 4 and/or 4acombined (not individually).In this more technical discussion post, you either need to ask a technical question on the following topic or answer a question raised by another person. If you ask a question, then your question has to be specific. For example, you will not get any credit if you simply ask: how to calculate the EMV. However, you will receive credit if you explain that “I did this and this and could not get the EMV in Excel, and then ask for help.” Also, there is NO word limit for both questions and answers in this type of forum. The content counts more than the words in such technical forums.
The most popular method used in decision making is an application of the Criterion of Realism (Hurwicz), that is to choose the alternative with the highest expected monetary value (EMV). This decision rule is explained in this week’s PowerPoint Slides 3-21 to 3-30 and 3-37. Please discuss one of the following in this discussion Forum : (1) how you would use the Decision Trees explained in Slides 3-38 to 3-47 to help you to apply this decision rule? (2) If you will use Excel or QM instead, then how would you apply this decision rule using the software?