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The idea of reducing the uncertainty of a business transaction is very attractive, because no one wants to be responsible for a costly failure. However,
The idea of reducing the uncertainty of a business transaction is very attractive, because no one wants to be responsible for a costly failure. However, measuring information can appear expensive, especially if the value of the information itself is unknown. In keeping with this, identify the following statements as either: True or False: A. Expected Cost of Information (ECI) is a big concern for the companies. But the fact is that, as the uncertainty is diminished, the cost also is reduced. B. Expected Value of Perfect Information (EVPI) happens when, after the measure, the uncertainty is zero. C. Expected Value of Information (EVI) is the reduction of an uncertainty, a reduction of a possible loss in the case. D. In real life situations, the measures mostly always reduce uncertainty to zero
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