Hi John sir, I have a question:
Why we didn't consider the probability for our choices of either to shut, do expensive refurbishment or to do cheap refurbishment. We could have given 1/3 probability to each of that outcome.
We didn't consider the above because it wasn't stated in the question or its not relevant here please explain.
E
Edith·
Thank you, this video made me "get it". I've just re-done the BPP text book example this way and suddenly it all adds up.
Why we didn't consider the probability for our choices of either to shut, do expensive refurbishment or to do cheap refurbishment. We could have given 1/3 probability to each of that outcome.
We didn't consider the above because it wasn't stated in the question or its not relevant here please explain.