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Making choices

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Making choices Quantitative tools for making decisions under uncertainty Criterion: expected monetary value Decision trees: folding back the tree – PowerPoint PPT presentation

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Title: Making choices


1
Making choices
  • Quantitative tools for making decisions under
    uncertainty
  • Criterion expected monetary value
  • Decision trees folding back the tree
  • Influence diagrams
  • Risk profiles of strategies show risk associated
    with a strategy probabilities of possible
    consequences
  • Cumulative risk profiles
  • Dominance
  • Deterministic
  • Stochastic
  • Subjective ratings of consequences
  • Decisions with multiple objectives
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