Purpose of bayesian analysis

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Reference no: EM1319791

1. Define opportunity loss. What decision-making criteria are used with an opportunity loss table?

2. What information should be placed on a decision tree?

3. Describe how you would determine the best decision using the EMV criterion with a decision tree.

4. What is the difference between prior and posterior probabilities?

5. What is the purpose of Bayesian analysis? Describe how you would use Bayesian analysis in the decision-making process.

Reference no: EM1319791

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