Text Problem A.9 Problem A.1 Probabilities >> 0.100 0.400 0.300 0.200 State of Nature > Size of Crowd at Restaurant Altomative POOR FAIR GOOD EXCELLENT BATCH ( 260,0001 $1,000 000 $1,200.000 $1,300,000 CUSTOM $100.000 $300.000 $700,000 $800.000 GROUP TECHNOLOGY (51,000.000) (5500,000) 5500,000 $2.000.000 Regret Table for Problem A.1 Allemative POOR FAIR GOOD EXCELLENT BATCH $300.000 50 $700 000 CUSTOM $700.000 $500,000 $1 200,000 GROUP TECHNOLOGY $1.100,000 $1.500.000 $700.000 SO Alternative Expected Value Minimum Maximum Laplace Regret BATCH $1,000,000 (5200 002) $1,200.000 $825,000 $700.000 CUSTOM 5800 000 $100.000 $700,000 $476 000 $1 200.000 GROUP TECHNOLOGY $250.000 $900,000 $250.000 $1,800.000 Expected Monetary Value (EMV): $1.000,000 $100,000 $1,200.000 (equally likely) Value: $825,000 MiniMax Regret Value: $700,000 Expected Value of Perfect Information (EVPI) Best Outcome for each State of Nature: $100,000 51,000,000 $1,200.000 $2.000,000 Expected Value under Certainty 51,170.000 EMV. $1,000,000 EVPL $170,000