There is a 60% chance of sales of 1 million, a 30% chance of sales of 2

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There is a 60% chance of sales of 1 million, a 30% chance of sales of 2 million, and a 10% chance of sales of 3 million. What is the expected value of sales?

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Practical Operations Management

ISBN: 9781939297136

2nd Edition

Authors: Natalie Simpson

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Question Posted: Apr 26, 2024 06:02 AM

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There is a 60% chance of sales of 1 million, a 30% chance of sales of 2

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To calculate the expected value of sales we need to multiply each ...View the full answer

Practical Operations Management

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