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A concessions manager at the Tech versus A&M football game must decide whether to have the...

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Basic Math

A concessions manager at the Tech versus A&M football gamemust decide whether to have the vendors sell sun visors orumbrellas. There is a 35% chance of rain, a 25% chance of overcastskies, and a 40% chance of sunshine, according to the weatherforecast in college junction, where the game is to be held. Themanager estimates that the following profits will result from eachdecision, given each set of weather conditions:

Decision Weather Conditions Rain 0.35 Overcast 0.25 Sunshine0.40

Sun visors Rain $-400 Overcast $-200 Sunshine $1,500

Umbrellas Rain 2,100 Overcast 0 Sunshine -800

a. Compute the expected value for each decision and select thebest one.

b. Develop the opportunity loss table and compute the expectedopportunity loss for each decision.

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