The expected value with perfect information:
A)equals EVPI - Maximum EMV.
B)requires that each decision alternative have a known probability of occurrence.
C)is an input into the calculation of the expected value of perfect information.
D)is the average of the maximax and the maximin.
E)none of the above

Question

Quizplus · Accepted Answer

The expected value with perfect information is the expected value of the best decision that can be made with perfect information. It is an input into the calculation of the EVPI (expected value of perfect information) which is the difference between the expected value with perfect information and the expected value of the best decision that can be made without perfect information. The other options are not correct.

The Expected Value with Perfect Information