Exam 20: Decision Analysis

The result obtained when a decision alternative is chosen and a chance event occurs is known as _____.

Experts in problem solving agree that the first step in solving a complex problem is to _____.

A graphic presentation of the expected gain from the various options open to the decision maker is called _____.

A sequence of decisions and chance outcomes that provide the optimal solution to a decision problem is called _____.

The probability of both sample information and a particular state of nature occurring simultaneously is _____ probability.

An intersection or junction point of a decision tree is called a(n) _____.

New information can be used to revise or update the prior probabilities so that the final decision is based on _____.

A tabular presentation of the expected gain from the various options open to a decision maker is called _____.

The probabilities of states of nature after revising the prior probabilities based on given indicator information are _____.