Purchase Solution

expected value of this chance node

Not what you're looking for?

Ask Custom Question

I am trying to figure this out a chance node on a decision tree has four possible outcomes worth $10,000, $20,000, $30, 000 and minus $100,000 respectively. The probabilities of these outcomes occurring are assessed as 10%, 25%, 50%, and 15% correspondingly. Draw the decision tree. What is the expected value of this chance node?

Purchase this Solution

Solution Summary

The expected value of this chance node is determined.

Purchase this Solution


Free BrainMass Quizzes
Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.