Probabilities are normally used in decision making under risk. You are involved in a decision making...

Probabilities are normally used in decision making under risk. You are involved in a decision making process that involves three decision alternatives and three states of nature. Discuss the methods you will use to assign probabilities to the states of nature. What conditions must be satisfied for the probabilities to exist and also how would you use the probabilities to make informed decisions? If you need to improve your decision making process for this problem, what would you have to do? And how would you be sure that this effort is worthwhile. After the discussion forum, develop a two-page report detailing your approach to this problem as stated. The report should be typed double-spaced.

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orchestra answered 2 years ago

Discuss the differences among decision-making under certainty, decision-making under risk, and decision-making under uncertainty. Using the...

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