• anonymous
A County is considering whether to build a levee along the river bank as a flood control system. The two alternative solutions are: 1- A 5-foot high levee costing $10000000, and 2- a 10-foot high levee costing$25000000 Both levees would have a useful life of 100 years. Historical records indicates that there is a 10% chance that the river will rise between 2 ft and 10ft, and a 2% chance that it will rise over 10ft. Any flood caused by river rising more than 2 ft in the absence of a levee or overflowing the levee is estimated to cause $200000000 in property damage. A- Which option has the least expected cost? Note: having no levee is also for consideration. B- Property damage in monetary term is not the only criterion for decision making. Suppose this county could consider the utility of property damage as a function of the pay-off cost as indicated in the equation below , what should its decision be ? Utility function: U=1- (1/50625)*Xˆ2 Where X is the pay – off cost to the County. Engineering At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat. • anonymous A County is considering whether to build a levee along the river bank as a flood control system. The two alternative solutions are: 1- A 5-foot high levee costing$ 10000000, and 2- a 10-foot high levee costing $25000000 Both levees would have a useful life of 100 years. Historical records indicates that there is a 10% chance that the river will rise between 2 ft and 10ft, and a 2% chance that it will rise over 10ft. Any flood caused by river rising more than 2 ft in the absence of a levee or overflowing the levee is estimated to cause$ 200000000 in property damage. A- Which option has the least expected cost? Note: having no levee is also for consideration. B- Property damage in monetary term is not the only criterion for decision making. Suppose this county could consider the utility of property damage as a function of the pay-off cost as indicated in the equation below , what should its decision be ? Utility function: U=1- (1/50625)*Xˆ2 Where X is the pay – off cost to the County.
Engineering

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