Finite Mathematics Quiz
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DECISION ANALYSIS
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A concert promoter is planning an outdoor event. The promoter can rent a large tent for $5,000, a small tent for $2,000, or no tent for $0. The revenue from the event depends on the weather. If there is 'No Rain', the revenue will be $20,000 regardless of the tent choice. If it 'Rains', the revenue will be $10,000 with a large tent, $6,000 with a small tent, and only $1,000 with no tent.
For a decision analysis of this problem, what is the value in the opportunity loss (regret) table that corresponds to the action 'Rent Small Tent' and the state of nature 'Rain'?
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