After contemplating the caseload question (see the previous problem), the director of social services

QUESTION:

After contemplating the caseload question (see the previous problem), the director of social services has decided that reasonable caseload probabilities are .10 for moderate, .30 for high, and .60 for very high.

a. Which alternative will yield the minimum expected cost?

b. Construct a decision tree for this problem. Indicate the expected costs for the three decision branches.

c. Determine the expected value of perfect information using an opportunity loss table?


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