Decision Analysis 2: EMV & EVPI - Expected Value & Perfect Information

In this tutorial, we discuss Decision Making With Probabilities (Decision Making under Risk).
We calculate Expected Monetary Value (EMV) and Expected Value of Perfect Information (EVPI).

Other videos:

Decision Analysis 1: Maximax, Maximin, Minimax Regret

Decision Analysis 2: Equally Likely (Laplace) and Realism (Hurwicz)

Decision Analysis 4: Decision Trees 1

Decision Analysis 5: EVSI - Expected Value of Sample Information

[sstangsujika]

I have been lost in this topic for weeks, professor could not help me at all, I spent 3.47 minutes and all is cleared. Thank you so much, hope your contributions return to you :)

[revengergamer-fhjy]

Speechless at how easily you explained it

[Jettaboz]

taught me in 3 minutes what my professor couldnt for a week

[Silumbe]

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[thelmacarr]

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[alicewanjiru]

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[abigail_hill_health_coach]

Thank you for making these videos! I’m in a masters online program and we are just given a textbook. These videos are helping me immensely.

[SuperIWOW]

Josh, thank you very much for the professional way of explaining it, Our professor took 37 min in a class, and I didn't get it. god bless.

[walterday]

Thanks for this video. I've spent a few hours this morning reading my textbook and various websites, and you just explained this concept more clearly than any of them in under 4 minutes. Awesome.

[pieterjacobs]

Thank you so much. This really, really helped me. The text book could not even explain it so easy. Please,   upload some more?

[OMARI_HONO]

I found exactly where my Lecturer gets his notes, no need to attend classes anymore

[amyscott]

Joshua, thank you!  Your videos are the clearest I've found and I truly appreciate your channel.  Please keep making them for those of us for whom this doesn't automatically click!

[janekarlarosita]

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[freetheharpy]

Your videos are hands down the best. Thank you so much.

[anthonychikeziecomrade]

Am really thankful for this tutorial. It has simplified what i have been racking brain on

[flyhigh]

Thank you for making the definitions and calculations of EVPI and EVWPI!!! so clear I was having trouble grasping the concept! :D

[mardi]

Thank you so much for this tutorial. Because of this, I will do well on my mid. term.

[olubukolaolaniran]

Thank you for simplifying this concept

[TheAl]

Thank you for this video. Can you please explain how you calculated the probabilities?

[Jason-bjzn]

made it much easier to understand than my college professor. thank you!