Evaluating the Expected Value of Sample Information

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The _____ is always a hypothetical number.

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1. The _____ is a number that allows businesses to know how much actual (real) information is worth.

2. What is the purpose of EVPI and EVSI?

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About This Quiz & Worksheet

The expected value of sample information can help guide a scientific study or research. This pair of practice assessments will help check your comprehension of the expected value of sample information and how it can be applied. The quiz will ask questions about what can be learned from the expected value of sample information.

Quiz & Worksheet Goals

These practice assessments will quiz you on:

  • Definition of the expected value of sample information
  • Importance of knowing the expected value of sample information
  • Mathematic formula for calculating the expected value of sample information
  • Origination of expected value with and without sample information
  • Incorrect assumptions made without knowing the expected value of sample information

Skills Practiced

  • Reading comprehension - ascertain if you understood the main focal points of the related expected value of sample information lesson
  • Information recall - access the information you've learned about the mathematic formula and applications of the expected value of sample information
  • Knowledge application - employ your knowledge to answer questions about the definition and origins of the expected value of sample information

Additional Learning

To learn more about the expected value of sample information, check out the accompanying lesson titled Evaluating the Expected Value of Sample Information. This lesson will review the following key topics:

  • Weighing costs versus returns on conducting surveys with the expected value of sample information
  • An example monetary problem displaying the benefits of knowing the expected value of sample information
  • Potential areas in business where the increase from the expected value of sample information may be applied
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