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Author Question: The study of how changes in the probability assessments for the states of nature or changes in the ... (Read 140 times)

dollx

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on: Jun 24, 2018
The study of how changes in the probability assessments for the states of nature or changes in the payoffs affect the recommended decision alternative is known as
 a. uncertainty analysis. b. cost analysis.
  c. sensitivity analysis. d. probability analysis.

Question 2

___________ is the study of the possible payoffs and probabilities associated with a decision alternative or a decision strategy in the face of uncertainty.
 a. Risk analysis
  b. Cost analysis
  c. Certainty analysis
  d. Optimization


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Eunice618

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

c
RATIONALE: Sensitivity analysis is the study of how changes in the probability assessments for the states of nature or changes in the payoffs affect the recommended decision alternative.

Answer to Question 2

a
RATIONALE: Risk analysis is the study of the possible payoffs and probabilities associated with a decision alternative or a decision strategy in the face of uncertainty.


dollx

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Reply 2 on: Jun 24, 2018
YES! Correct, THANKS for helping me on my review

abro1885

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Reply 3 on: Yesterday
Excellent

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