Theefficiencyof sample information refers to the effectiveness of usingsample datato make predictions or draw conclusions about a larger population.It is a measure of how much value orimprovementthe sample information adds to the decision-making process.To calculate the efficiency of sample information, we can use the formula:EVSI = |EVwSI - EVwoPI| * 100Where:EVSI represents the efficiency of sample information.EVwSI represents theexpected valuewith sample information.EVwoPI represents the expected value without sample information.The formula calculates the absolute difference between the expected values with and without sample information, and then multiplies it by 100.The efficiency can also be expressed as a ratio, using the formula:E = EVSI / EVPI * 100Where:E represents the efficiency ratio.EVPI represents the expected value of perfect information.This formula compares the efficiency of sample information to the efficiency of perfect information. The expected value of perfect information represents themaximum valuethat can be achieved if we had complete and accurate information.To summarize:Calculate the expected value with sample information (EVwSI).Calculate the expected value without sample information (EVwoPI).Use the formula EVSI = |EVwSI - EVwoPI| * 100 to find the efficiency of sample information.Use the formula E = EVSI / EVPI * 100 to find the efficiency ratio.By calculating the efficiency of sample information, we can assess the value and impact of using sample data in decision-making processes. It helps us determine if the sample information provides a significant improvement in making accurate predictions or conclusions about a larger population.Learn more aboutexpected valuevisit:brainly.com/question/28197299#SPJ11...

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