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I have watched the lectures from chapter 1 to 7. You did not cover expected profit calculation. Will it be covered in the other lectures?
For no 151, the answer at the back mentioned sensitivity analysis , what does it mean?
Section C questions always examine several different topics in the same question.
The Revision Kit should be used for revision after you have completed studying the whole syllabus.
Everything in the syllabus is covered in the lectures, but obviously they can’t all be covered in the same lecture 🙂
Expected values and sensitivity analysis are both covered in the chapter (and lectures) on risk and uncertainty.
I have went through the lectures and notes and I did no find sensitivity analysis in the notes or mentioned by you in the lectures.
Sorry – although expected values are certainly covered, sensitivity is covered in the Paper FM notes because it is more commonly asked in Paper FM (it is rarely asked in Paper PM).
However it is simply the % change in one of the items that would result in a change in the decision.
I am on vacation for two weeks and do not have the Revision Kits with me. However if it is a past exam question and you still do not understand then answer then say which exam. I have access to all past exam questions and so I will then be able to explain.