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Which aspect of decision making is NOT ALWAYS part of a decision tree? the sequence of the decision making O the states of nature and their probabilities O the outcomes of an experiment the individual decisions involved

Which aspect of decision making is NOT ALWAYS part of a decision tree? the sequence of the decision making O the states of nature and their probabilities O the outcomes of an experiment the individual decisions involved

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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**Question:** Which aspect of decision making is NOT ALWAYS part of a decision tree? **Options:** - ○ the sequence of the decision making - ○ the states of nature and their probabilities - ○ the outcomes of an experiment - ○ the individual decisions involved **Navigation Option:** - ◀ Previous --- **Explanation:** This question focuses on decision trees, a tool used in decision-making processes. A decision tree typically includes: - **The sequence of the decision-making:** This involves the order of steps taken in the process. - **The states of nature and their probabilities:** These are potential conditions or events that affect the outcome, often with assigned probabilities. - **The individual decisions involved:** These represent choices available at each stage of the process. However, the **outcomes of an experiment** might not always be explicitly part of a decision tree, as decision trees often focus on choices and possible scenarios rather than experimental results directly.
Transcribed Image Text:**Question:** Which aspect of decision making is NOT ALWAYS part of a decision tree? **Options:** - ○ the sequence of the decision making - ○ the states of nature and their probabilities - ○ the outcomes of an experiment - ○ the individual decisions involved **Navigation Option:** - ◀ Previous --- **Explanation:** This question focuses on decision trees, a tool used in decision-making processes. A decision tree typically includes: - **The sequence of the decision-making:** This involves the order of steps taken in the process. - **The states of nature and their probabilities:** These are potential conditions or events that affect the outcome, often with assigned probabilities. - **The individual decisions involved:** These represent choices available at each stage of the process. However, the **outcomes of an experiment** might not always be explicitly part of a decision tree, as decision trees often focus on choices and possible scenarios rather than experimental results directly.
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