Build Co is bidding for three contracts which are awarded independently of each other. The board estimates its chances of winning Contract A as 50%, of winning Contract B as 1 in 5, and of winning Contract C as 1 in 3. The profits from A, B, and C are estimated to be $500,000, $ 800,000, and $900,000 respectively. The expected value to Build Co of the profits from all three contracts will be closest to which of the following?

A manufacturing company is considering a project that will last for one year. The project's success depends on market conditions. The following forecast annual cash inflows and their associated probabilities have been identified: Market Condition | Probability | Cash Inflow ($) Poor | 0.25 | 40,000 Average | 0.50 | 60,000 Excellent | 0.25 | 100,000 What is the Expected Value (EV) of the cash inflow for this project?

The following statements have been made about expected values: 1. Expected value is of limited use for decisions regarding outcomes which will be repeated often. 2. Using expected value in decision-making can lead to the worst possible outcome being ignored. 3. The reliability of expected value calculations is heavily influenced by the accuracy of the probabilities assigned to outcomes. Which of the statements are correct?