Business, 03.05.2021 15:10 rosemary909

The owner of the machine shop was approached by a consultant who offered to help ascertain whether the owner will win the government contract. The consultant previously worked for the military and maintained strong connections with various personnel within the military. The owner found out that there is a 0.70 probability that the consultant would present a favorable report, given that the contract is awarded to the shop, and a 0.80 probability that the consultant would present an unfavorable report, given that the contract is not awarded. Using a decision tree analysis, determine the best strategy for the owner of the machine shop. Include the expected value (EMV) of the strategy and the maximum fee that the owner should pay the consultant.

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The owner of the machine shop was approached by a consultant who offered to help ascertain whether t...