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Expected Values of Perfect Information in Business - Quiz & Worksheet

Instructions:

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

question 1 of 3

The best financial situation for a specific state of nature is called the:

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1. An event that impacts a company's profitability, but over which the company has no control is a(n):

2. The weighted sum of a decision alternative is its:

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About This Quiz & Worksheet

Use this quiz and worksheet to discover how much you understand about the expected values of perfect information. You'll need to know things such as what the expected value of perfect information is and the type of information evaluated in the process of calculating it.

Quiz & Worksheet Goals

Find out how well you know how to:

  • Determine the location of the data to complete an expected value of perfect information calculation
  • Identify the formula
  • Assess what it would mean for EVPI, if the expense of the options being considered were to be high

Skills Practiced

Practice the following:

  • Interpreting information - verify that you can read information regarding the formula for calculating EVPI and interpret it correctly
  • Information recall - access the knowledge you've gained regarding the expected value of perfect information
  • Knowledge application - use your knowledge to answer questions about the process of calculating expected value of perfect information

Additional Learning

Make use of this lesson called Expected Values of Perfect Information in Business in order to lean more. The lesson will teach you the following objectives:

  • Explain perfect information
  • Understand the real world application of calculating EVPI
  • Define expected monetary value
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