SRA 231 Lecture Notes - Carburetor, Decision Table
Document Summary
Problem 1: i"m trying to decide whether or not to attempt a repair on my old car or whether to have a dealer fix it. Based on the options below, determine the probability reward for each option by doing an expected value calculation. Note: that for any given decision, the probabilities of all outcomes must add up to 100%. Calculate the ev for each decision & choose. Decision a if i fix it there are three possible outcomes. I increase the cost by requiring the carburetor to be rebuilt. I estimate this cost at ( for my attempt and an additional + , which is the dealer cost to rebuild). I estimate the cost at ( for my attempt plus for replacement). I am fairly confident in my ability so i rate my chances for the above outcomes as: 50% for outcome. 1; 30% for outcome 2; and 20% for outcome 3.
