Chat with AIExam 1: Introduction to Operations and Supply Chain Management
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A family business is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation: 
The expected value for the small investment decision is
The expected value for the small investment decision is (Multiple Choice)
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(42) A payoff table is a quantitative technique supporting decision making under uncertainty.
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