Identify the possible outcomes or states of nature

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Reference no: EM133443489

Questions:

Six Steps in Decision Making:
Clearly define the problem at hand.
List the possible alternatives.
Identify the possible outcomes or states of nature.
List the payoff or profit of each of the combination of alternatives and outcomes.
Select one of the mathematical decision theory models.
Apply the model and make your decision.
Regardless of what we are deciding about, the steps in making a good decision are basically the same.
Give an example of a good decision that resulted in a bad outcome or a bad decision that resulted in a good outcome.
Describe why the decision was good or bad and what was involved in the decision- making process.
How did your decision-making process compare to the six steps in decision making?
Did you recognize any bias in your decision-making process? If so, describe it.

Reference no: EM133443489

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