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Author Question: _____________ are possible outcomes for chance events that affect the consequences associated with a ... (Read 98 times)

littleanan

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on: Jun 24, 2018
_____________ are possible outcomes for chance events that affect the consequences associated with a decision alternative.
 a. Payoffs
  b. Forecasts
  c. Decision trees
  d. States of nature

Question 2

A(n) _________ refers to the result obtained when a decision alternative is chosen and a chance event occurs.
 a. payoff table
  b. outcome
  c. state of nature
  d. node


apple

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Reply #1 on: Jun 24, 2018
Answer to Question 1

d
RATIONALE: States of nature are possible outcomes for chance events that affect the payoff associated with a decision alternative.

Answer to Question 2

b
RATIONALE: An outcome refers to the result obtained when a decision alternative is chosen and a chance event occurs.


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