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Hi, I am currently learning about Decision analysis procedure in terms of decision making with probabilities and the expected value of perfect information. I wanted
Hi, I am currently learning about Decision analysis procedure in terms of decision making with probabilities and the expected value of perfect information. I wanted to gain insight into when absolute values are utilised in these problems. That is, do I use absolute values when solving for the Expected Value of Perfect Information and when calculating opportunity loss? How do you know to ignore the negative in decision analysis and that it does not represent a loss? Many thanks
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