Determine the best supplier for the company using expected value, Decision Analysis help
Levi Starch estimates that the probabilities of future global changes in oil prices are 0.09 that they will decrease, 0.27 that they will remain the same, and 0.64 that they will decrease.
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Determine the best supplier for the company using expected value.
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If the company wants to hire an energy analyst to help it determine more accurately what future oil prices will do, what is the maximum amount it should pay the analyst?
Submit only one Microsoft excel document. Clearly explain your findings and include any calculations.
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