2. The director of career advising at Orange Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and successful degree programs at OCC that shows the estimated 5-year gross income ($) from each degree for four future economic conditions: Economic Conditions Degree Program Recession Average Good Robust Graphic design Nursing Real estate 175,000 180,000 145,000 220,000 260,000 150,000 115,000 205,000 215,000 165,000 220,000 320,000 Medical technology 130,000 180,000 210,000 280,000 Culinary technology Computer information technology 115,000 145,000 235,000 305,000 125,000 150,000 190,000 250,000 Determine the best degree program in terms of projected income, using the following decision criteria: a. Maximax b. Maximin c. Equal likelihood d. Hurwicz e. The director of career advising at Orange Community College has paid a small fee to a local investment firm to indicate a probability for each future economic condition over the next 5 years. The firm estimates that there is a .20 probability of a recession, a .40 probability that the economy will be average, a .30 probability that the economy will be good, and a .10o probability that it will be robust. Using expected value determine the best degree program in terms of projected income. If you were the director of career advising, which degree program would you recommend? f. Develop a decision tree, with expected values at the probability nodes.
2. The director of career advising at Orange Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and successful degree programs at OCC that shows the estimated 5-year gross income ($) from each degree for four future economic conditions: Economic Conditions Degree Program Recession Average Good Robust Graphic design Nursing Real estate 175,000 180,000 145,000 220,000 260,000 150,000 115,000 205,000 215,000 165,000 220,000 320,000 Medical technology 130,000 180,000 210,000 280,000 Culinary technology Computer information technology 115,000 145,000 235,000 305,000 125,000 150,000 190,000 250,000 Determine the best degree program in terms of projected income, using the following decision criteria: a. Maximax b. Maximin c. Equal likelihood d. Hurwicz e. The director of career advising at Orange Community College has paid a small fee to a local investment firm to indicate a probability for each future economic condition over the next 5 years. The firm estimates that there is a .20 probability of a recession, a .40 probability that the economy will be average, a .30 probability that the economy will be good, and a .10o probability that it will be robust. Using expected value determine the best degree program in terms of projected income. If you were the director of career advising, which degree program would you recommend? f. Develop a decision tree, with expected values at the probability nodes.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
Related questions
Question
100%
Please answer
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Recommended textbooks for you
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON