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{"ops":[{"insert":"QUESTION ONE"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Kisii sports club(KSC) is trying to decide whether or not to drill for water to solve the shortage of wat, based on past experience."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"\twater\t\t\t\t\t0.2"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"\tNo water\t\t\t0.8"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"It is possible for (KSC) to hire a firm of international consultants to carry out a complete survey of the site.  KSC has used the firm many times before and has made the following estimates:"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"If there really is water, then there is a 95% chance that the report will be favorable."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"If there is no water then there is only a 10% chance that the report will indicate that there is water."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"The following additional information is also provided:"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"The cost of drilling is Sh.9 million."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"The value of the benefits if water is found is Sh.65 million"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"The cost of obtaining information is Sh.3 million."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Required:"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Advise the company on whether to acquire additional information from the consultants\t\t\t\t\t\t\t\t\t\t [10marks]"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Compute the value of imperfect information.\t"},{"insert":"\n"}]}

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