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Question
The alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt. The level of demand affects the success of both strategies. The states of nature (SI) represent the levels of demand for the company products. s1, s2, and s3 characterize high, medium, and low demand, respectively. The payoff values are in thousands of dollars. Prior probabilities are .3 for s1; .6 for s2, and .1 for s3.
Find the expected monetary value for each of the alternatives and determine the best alternative (course of action) for the EKA manufacturing company using the expected monetary value criterion.
Answer
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