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The efficiency of sample information is


A) EVSI*(100%)
B) EVSI/EVPI*(100%)
C) EVwoSI/EVwoPI*(100%)
D) EVwSI/EVwoSI*(100%)

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States of nature


A) can describe uncontrollable natural events such as floods or freezing temperatures.
B) can be selected by the decision maker.
C) cannot be enumerated by the decision maker.
D) All of the alternatives are true.

Correct Answer

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Decision alternatives are structured so that several could occur simultaneously.

Correct Answer

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The expected value of an alternative can never be negative.

Correct Answer

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