Theexpected value of perfect information (EVPI) represents the expected payoff we will realize if we have prior knowledge about which state of nature will occur.
Indicate whether the statement is true or false
Question 2
The airline industry defines no-shows as passengers who have purchased a ticket but fail to arrive at the gate on time for departure.
Southwest Airlines operates many flights from Philadelphia to Dallas and experienced the following no-show probability distribution last year.No-shows 0 1 2 3 4 5 6Probability 6 12 22 28 17 11 4The following data represent the number of no-shows that occurred on a random sample of 120 flights between these two cities this year.No-shows 0 1 2 3 4 5 6Frequency 3 13 37 31 22 4 10Southwest Airlines would like to know if the probability distribution of no-shows has changed between last year and this year on flights between these two cities using = 0.05. The expected frequency of one no-show for this sample is ________.A) 5.0
B) 11.3
C) 14.4
D) 23.9
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