Information
Q1 IAG, can decide whether or not to do a full review of its fleet.
In the event that IAG does not review its fleet and does not suffer any accident, the increase in profits would be 80 million euros and in the event of an accident, there would be losses of 23 millions of euros. The probability of an accident is 0.4.
In the event that IAG does a full review of its fleet, the profit variation would be zero, 0. 
What is the expected result without information?
38.80 millions €

Q2
IAG, can decide whether or not to do a full review of its fleet.
In the event that IAG does not review its fleet and does not suffer any accident, the increase in profits would be 80 million euros and in the event of an accident, there would be losses of 23 millions of euros. The probability of an accident is 0.4.
In the event that IAG does a full review of its fleet, the profit variation would be zero, 0. 
What is the Expected Value of Perfect Information, or the maximum amount IAG would be willing to pay for knowing for sure whether or not the plane will have and accident?
9.20 millions €
Q3 IAG, can decide whether or not to do a full review of its fleet.
In the event that IAG does not review its fleet and does not suffer any accident, the increase in profits would be 80 million euros and in the event of an accident, there would be losses of 23 millions of euros. The probability of an accident is 0.4.
In the event that IAG does a full review of its fleet, the profit variation would be zero, 0. 
IAG is thinking of doing a  quick check  for fleet status information.
Indicate the maximum probability of false negatives (no accident when the check-up had said the plane could have it) that it is willing to accept IAG to pay something for the information.
The correct answer is: 0.22

Q4 IAG, can decide whether or not to do a full review of its fleet.
In the event that IAG does not review its fleet and does not suffer any accident, the increase in profits would be 80 million euros and in the event of an accident, there would be losses of 23 millions of euros. The probability of an accident is 0.4.
In the event that IAG does a full review of its fleet, the profit variation would be zero, 0. 
IAG is thinking of doing a  quick check  for fleet status information.
What is the minimum quality that such a checkup must have for IAG to be willing to pay something for it?
The correct answer is: 0.63
Q5 IAG, can decide whether or not to do a full review of its fleet.
In the event that IAG does not review its fleet and does not suffer any accident, the increase in profits would be 80 million euros and in the event of an accident, there would be losses of 23 millions of euros. The probability of an accident is 0.4.
In the event that IAG does a full review of its fleet, the profit variation would be zero, 0. 
IAG is thinking of doing a  quick check  for fleet status information.
Assume that the quality of the information produced by the quick check is 0.9.
What is the expected value of such information (Expected Value of Imperfect Information?
The correct answer is: 6.73 million $

Q6 IAG, can decide whether or not to do a full review of its fleet.
In the event that IAG does not review its fleet and does not suffer any accident, the increase in profits would be 80 million euros and in the event of an accident, there would be losses of 23 millions of euros. The probability of an accident is 0.4.
In the event that IAG does a full review of its fleet, the profit variation would be zero, 0. 
IAG is thinking of doing a  quick check  for fleet status information.
The expected value of the information provided by the quick check can be expressed as a linear function of quality of its quality (q):
EVII= VI(q) =bq-a for qualities higher than the minimum quality.
Determine the value of parameter b.
The correct answer is: 24.72

Q7
IAG, can decide whether or not to do a full review of its fleet.
In the event that IAG does not review its fleet and does not suffer any accident, the increase in profits would be 80 million euros and in the event of an accident, there would be losses of 23 millions of euros. The probability of an accident is 0.4.
In the event that IAG does a full review of its fleet, the profit variation would be zero, 0. 
IAG is thinking of doing a  quick check  for fleet status information.
The expected value of the information provided by the quick check can be expressed as a linear function of its quality (q):
EVII= VI(q) =bq-a for qualities higher than the minimum quality.
Determine the value of parameter a.
The correct answer is: 15.52

Q8
IAG, can decide whether or not to do a full review of its fleet.
In the event that IAG does not review its fleet and does not suffer any accident, the increase in profits would be 80 million euros and in the event of an accident, there would be losses of 23 millions of euros. The probability of an accident is 0.4.
In the event that IAG does a full review of its fleet, the profit variation would be zero, 0. 
IAG is thinking of doing a  quick check  for fleet status information.
The profits associated with performing a quick check with quality q can be expressed as:
PI(q) = VI(q)- CI(q) =  bq- CF- cq2  / 2
If the optimal quality of the quick check system is known to be 0.9, what is the value of parameter c of the previous function?
The correct answer is: 27.47