0 Blearn.humbertca C a] + 33 l: min I\" LTl Launch Next question You can retry this question below The hiring process at Queensway Staffing Agency is great, but far from perfect. Good candidates are sometimes rejected and bad ones sometimes hired. Since the agency earns profits from hiring good candidates, they also incur losses when they hire a candidate that is fired within 6 months or when they fail to hire (reject) a good candidate. They used relative frequency to determine the probability of hiring a good candidate and presented their payoffs (in $'OOO) as follows: King :1: Hire 12 -3.25 Reject 'l.25 0 Probability 0.4 0.6 Note: Payoffs in the given table are in thousand dollars. The expected values required below are in dollars. a) The expected monetary value of Hire is $ b) The expected monetary value of Reject is $ \\ c) Using the expected value approach, is Queensway more likely to hire or reject a candidate? I d) If Queensway could know if a candidate is Good or Bad with certainty, what is the expected value of that information? \\ $l 55555| l Next question You can retry this question below The hiring process at Queensway Stafng Agency is great, but far from perfect. Good candidates are sometimes rejected and bad ones sometimes hired. Since the agency earns profits from hiring good candidates, they also incur losses when they hire a candidate that is fired within 6 months or when they fail to hire (reject) a good candidate. They used relative frequency to determine the probability of hiring a good candidate and presented their payoffs (in $'000) as follows: Good Bad Hire Reject Probability Note: Payoffs in the given table are in thousand dollars. The expected values required below are in dollars. a) The expected monetary value of Hire is $ [j b) The expected monetary value of Reject is $ [3 c) Using the expected value approach, is Queensway more likely to hire or reject a candidate? _I d) If Queensway could know if a candidate is Good or Bad with certainty, what is the expected value of that information? $l 55555 l Use the payoff table below to answer the questions that follow. Payoffs represent profits, in dollars, and the probabilities of the states of nature are given in the table. a) What is the expected value of the optimal decision? $ [3 b) What is the expected value with perfect information (EVwithPl)? $ U c) What is the expected value of perfect information (EVPI)? 53 U Question Help: El Video 8 Message instructor Check Answer a 0i The following payoff table consists of profits ($'OOO) a company will earn based on their choice from decision alternatives d1, d2, d3, & d4 and the resulting state of nature (81, 82. or 83). Given P(sl) = 0.4 and P(sz) = 0.3. b) What is the expected value of the optimal decision? Round to the nearest dollar. $ C] c) What is the optimal decision based on expected values? d1 d2 d3 d4 81 82 33 O 8 0i