North star concert

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Written by:

Peter C


Date added:

August 22, 2015








No of pages / words:

2 / 452


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3602 times


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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...
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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. Thus possible attendance of stadium would range from 25,000 to 90,000...
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