Making under uncertainty have three common elements

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All problems related to decision making under uncertainty have three common elements:

a. the mean, median, and mode

b. the set of decisions, the cost of each decision and the profit that can be made from each decision

c. the set of possible outcomes, the set of decision variables and the constraints

d. the set of decisions, the set of possible outcomes, and a value model that prescribes results

Reference no: EM131148875

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