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Please do it by type not pic. 1.What is the Expected Monetary Value (EMV) criterion rule, what is its downside, and how often is it

Please do it by type not pic.

1.What is the Expected Monetary Value (EMV) criterion rule, what is its downside, and how often is it used?

2.Where do the probabilities in EMV come from and how accurate are they?

3.Is the EMV what you will earn for a given decision, if not, what is it?

4.How do you use sensitivity analysis with these types of decisions?

5.What is a decision node in a decision tree?

6.What is a chance node in a decision tree?

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