Question

All EXCEPT which of the following steps are taken to analyze problems with decision trees? Explain why you chose that answer

A) Define the problem.
B) Structure or draw the decision tree.
C) Assign probabilities to the state of natures.
D) Estimate payoffs for each possible alternative/state of nature combination.
E) Solve the problem by computing expected monetary values for each decision node.

Answer 1

solve the problem by computing expected monetary values for each decision node