Pat Sajork has two drawers. One drawer contains threegold coins, and the other contains one gold coin and twosilver coins. We are allowed to choose one drawer, and wewill be paid $500 for each gold coin and $100 for eachsilver coin in that drawer. Before choosing, we may pay Pat$200, and he will draw a randomly selected coin (each ofthe six coins has an equal chance of being chosen) and tellus whether it is gold or silver. For instance, Pat may say thathe drew a gold coin from drawer 1. Should we pay Pat$200? What is EVSI? What is EVPI?

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Risk Management Techniques

Risk management is the procedure of recognizing, analyzing, monitoring, and preventing the risks and threatening factors of investments and business. Risks can arise from various factors including internal controls, market changes, natural disasters, and failure in productions. Risk management techniques enable entities to control and minimize the risks as well as the threatening factors of the business and it also helps to improve the business.