Question: based on the cost of obtaining the sample information and...
Based on the cost of obtaining the sample information and its efficiency, is it worth obtaining it? Why? Please include ALL the relevant information for this decision and use specific numbers. Your answer must discuss EVSI, net EVSI (The EVSI minus the cost of the SI), the Efficiency of the Sample Information (abbreviated "E") and the Risk Profile.
|E||U||E (With Cost)||U (With Cost)|
|Decision using the Expected Opportunity Loss (EOL)||13.2 (B)|
|N||24||-11||19||-16||Decision using the minimax regret approach.||20 (N)|
|Probability (State/F)||0.81||0.19||Decision with the optimistic Approach||44 (B, E)|
|Decision with the Conservative Approach||4 (S,U)|
|EV(Node 2)||25.13||EV(Node 8)||14.8||EV(If more Accurate Research is conducted, Node 1)||17.9445|
|EV(Node 3)||12.35||EV(Node 9)||10|
|EV(Node 4)||10.34||EV(Node 10)||12.4|
|EV(If Standard Research is conducted)||14.8|
|EV (Node 7)||4.6|