The expected value of sample information (EVSI)can be used to
A)establish a maximum amount to spend on additional information.
B)calculate conditional probabilities.
C)establish risk avoidance.
D)provide points on a utility curve.

Question

Quizplus · Accepted Answer

EVSI helps to determine the maximum amount that should be spent on additional information. By calculating the EVSI, decision-makers can assess whether the potential benefit of gathering more information is worth the associated cost.

The Expected Value of Sample Information (EVSI)can Be Used to