Payoff Table: Expected Value and Perfect Information for Costs

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You seriously have an amazing straight to the point teaching style!

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You are the Angel that God has sent me to pass my exam!!! after 5 times failures I thought I would never pass it !!!

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Your explanations are so clear and straight to the point. YOU ARE THE BEST…

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I salute you sir, you have saved a lot of hard studying for us !!! God bless you sir!!!

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As a Stats Professor, I can say that your videos are amazing! Great work

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Thanks for leaving note, Linda.

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You are no 1 teacher , i was struggled last 1week for CMA preparation, now i came to understand it. excellent teaching....

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Oh my god Ive been struggling with this for so long. You made it so clear lol Ive been overthinking this so much. Thank you very much sir :)

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Great video man, I´m starting my MBA and this helps a lot, I´ll suscribe to your channel

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Thank you for your efforts. Great full preparation ❤

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Best explanation, clear, understood.Thank YOU!!!!

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[@joshemman]

Thanks, Mahan. 🇨🇦❤️ 🇵🇰

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@@joshemman you welcome 🤗

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Joshua, you are the man!

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You are awesome. Your videos help so much!

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[@mittamoa]

thank you! shortly and precisely explained!

[@landiiie5630]

you're an amazing person, thanks!

[@phoenixkool]

Can I ask, in your previous video you stated that the EVwPI is calculated by taking the best values from each state of natures and taking their sum from the equation. However, in this video, you are using the lowest values from each state of nature. Do both these methods lead to the same answer? Or is there a mistake somewhere.... Thanks!

[@joshemman]

Note that the best cost is the lowest.

[@moniquetulloch5091]

With profit you use the highest value because you want to maximize however with cost you use the lowest value because you want to spend less. Profit you want to gain more so you work in mind with the highest figures. Cost you want to pay less so you work with the lowest figures. hope that helps.

[@miulikalubowila8826]

Thank you. I was struggling with this matter

[@Ashley321love]

Thank you so much for your videos sir.. so clear and easy to understand!! I appreciate this so much! (:

[@reubenarticulo2013]

How do you calculate probability of each state of nature?

[@a.j2376]

hi, can you pleaaseee do a video on constructing the risk profile of the expected values of decisions? I dont understand how to do it. Really need your help because your videos explain everything so easily.

[@tinesantos9573]

Thanks! You help me a lot!

[@nicholetam5104]

Thank you for saving my Uni mod!

[@HelloThere-lo3qi]

Hello sir, I want to ask a question again, what s the difference between a perfect forecast and the expected value of perfect information, this is from questions in my textbook (e) How much is a perfect forecast of the demand worth? (g)what is the expected value of perfect information in this situation? i tho that question (g) is asking about EVPI but what about question (e) i need your help sir T.T

[@salbil5511]

Please, is expected utility the same as value for perfect information? Thank you.I appreciate your reply.

[@dougkanja7108]

Good work, add tutorials on game theory pliz

[@nehanawaz1556]

Can you please explain value of imperfect information urgently?

[@watchmyvidsable]

God Bless you sir

[@warstonw4078]

Hello Joshua, what happens if there is same value under the same state of nature, but the probability of each of these value is different? which value shall i pick to be calculated in the formula? You reply will be appreciated.

[@joshemman]

The method explained here works for decision problems that can be organized into a payoff table so that each state of nature has only one probability. I'm guessing you cannot organize the scenario you just mentioned in a payoff table. You can send me the problem to take a look.

[@warstonw4078]

@@joshemman Thank you for your reply, i think i understood what you meant. I have already resolved my problem. Thank you Joshua. You are really helpful. : )

[@ally7856]

Hi, what if the lowest value in each category is 0? Do you use 0 or the next lowest number?

[@joshemman]

If they are costs, the lower the better.

[@DTechNexITServices]

@@joshemman sir how do you get the probability of each state of nature?

[@Actofapostles]

thanks so much u are God sent

[@sheilacavino7294]

thanks very much joshua

[@najmibasir]

How to calculate perfect forecast of demand worth?

[@avibhau3852]

Good video👍

[@moniquetulloch5091]

needed! thank you!

[@prasijaparu7029]

Thank u so much sir

[@limzijian98]

Sorry why is thr smallest value of the respective states , the EVPI ?

[@joshemman]

Because these are costs. The smallest is the best. For profits, see kzbin.info/www/bejne/qpPZanhveZd1iLM

[@animebaba526]

From where did you get probability value...??? I dont understand. I have 1hrs please tell

[@joshemman]

They are usually given. If they're not given, then you should not be using this approach.

[@animebaba526]

@@joshemman ok

[@DTechNexITServices]

how to identify the probability of each state of nature?

[@joshemman]

The probabilities are usually given. If they are not given, you cannot calculate expected values.

[@clementowusuboampong5700]

In other videos for EVwoPl they choose the maximum EMV

[@joshemman]

This video is about costs. For costs, the smaller the better.

[@luxmartyr]

Thank you sir 🙇

[@fay5671]

Thank you so muuuch

[@hellensoares5302]

how can I find the probability ?

[@joshemman]

It is usually given.

[@SimpleRocket-yf7le]

How To Find Probability please reply for this example

[@joshemman]

If probability is not given, then you're not calculating Expected Values.

[@SimpleRocket-yf7le]

@@joshemman How To find it Please Help me

[@adfernand987654321es]

Calculate payoff matrix for bitcoin

[@muhammedarshadm8571]

❤

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GOATED

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😆👍

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Thanks

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Josiah Landing

[@AjithKumar-ut8rr]

Sir can u teach integration

[@joshemman]

Yes, I can teach integration. But I do not have audience for it.

[@AjithKumar-ut8rr]

K sir

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Leola Path

[@anahana2293]

Can I have your email please ?

[@reubenarticulo2013]

How do you calculate probability of each state of nature?

[@hellensoares5302]

did you figure it out?