Solution 1 Give an example of a good decision that you made that resulted in a bad outcome Also give an example of a bad decision that you made that had a
Solution Give an example of a good decision that you made that resulted in a bad outcome Also give an example of a bad
Solution Give an example of a good decision that you made that resulted in a bad outcome Also
good decision that you made that resulted in a bad outcome Also give an example of a bad decision that you made that had a
Solution Give an example of a good decision that you made that resulted in a
bad outcome Also give an example of a bad decision that you made that had a
Solution Give an example of a good decision that you made that
Solution Give an example of a
(Solution) 1 Give an example of a good decision that you made that resulted in a bad outcome. Also give an example of a bad decision that you made that had a

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1 Give an example of a good decision that you made that resulted in a bad outcome. Also give an example of a bad decision that you made that had a good outcome. Why was each decision good or bad? 2 Describe what is involved in the decision process. 3 What is an alternative? What is a state of nature? 4 Discuss the differences among decision making under certainty, decision making under risk, and decision making under uncertainty. 5 What techniques are used to solve decision-making problems under uncertainty? Which technique results in an optimistic decision? Which technique results in a pessimistic decision? 6 Define opportunity loss. What decision-making criteria are used with an opportunity loss table? 7 What information should be placed on a decision tree? 8 Describe how you would determine the best decision using the EMV criterion with a decision tree. 9 What is the difference between prior and posterior probabilities? 10 What is the purpose of Bayesian analysis? Describe how you would use Bayesian analysis in the decision-making process.

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