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Essay Details:
Essay text:
I would like to arrive at a decision by using decision table with
probable states of nature with their respective pay-offs.
The significant factors of the central problem are attendance in the
stadium, percent of attendees who would buy shirts, whether the North Star band would
cancel the rock concert or not and attitude of Lucinda towards risk and hence criteria of choice
for decision making. As per Lucinda estimates, the probability of stadium (capacity 100,000)
being 90% full is low and the probability for stadium being 50% full is high. She would also
like to consider a possibility of stadium being 25% full in case of bad weather...
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