Question

Making a good decision a. requires probabilities for all states of nature. b. requires a clear understanding of decision alternatives, states of nature, and payoffs. c. implies that a desirable outcome will occur. d. All of the alternatives are true. Group of answer choices

Answer 1

b. requires a clear understanding of decision alternatives, states of nature, and payoffs.

Step-by-step explanation:

Making good decisions is taking an effective and efficient process that has a higher likelihood of generating the desired results. It is important in living an efficient life and productive life.

A good decision is one which is made considering all the affecting factors and the consequences of the processes to be carried forward. It takes into account proper understanding of all the alternatives and the nature of the results.

Thus the answer is ---

b. requires a clear understanding of decision alternatives, states of nature, and payoffs.