Explore BrainMass

Explore BrainMass

    Decision Tree for an indoor/outdoor event

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    We are planning an event for next June. If we choose an outdoor venue, we make 350,000 dollars, but if it rains we lose 40,000. If we choose an indoor venue, we make 150,000 rain or not. It rains 1/3 of the night in June.

    We can buy a forcast for 15,000. The track record of the forcaster is as follows:

    When rain predicted: 80% of the time it actually rained, 20% no rain

    When no rain predicted: 70% no rain, 30% rain.

    We need to construct a decision tree to tell whether or not to buy the forecast.

    © BrainMass Inc. brainmass.com June 3, 2020, 6:17 pm ad1c9bdddf
    https://brainmass.com/business/business-management/decision-tree-indoor-outdoor-event-54399

    Solution Preview

    See the attached file. Thanks.

    We are planning an event for next June. If we choose an outdoor venue, we make 350,000 dollars, but if it rains we lose 40,000. If we choose an indoor venue, we make 150,000 rain or not. It rains 1/3 of the night in June.

    We can buy a forcast ...

    Solution Summary

    The expert examines a decision tree for an indoor/outdoor events.

    $2.19

    ADVERTISEMENT