Decision-making problems under uncertainty

Reference no: EM1319790

1. Give an example of a good decision that you made that resulted in a bad outcome. Also give an example of a bad decision that you made that had a good outcome. Why was each decision good or bad?

2. Describe what is involved in the decision process.

3. What is an alternative? What is a state of nature?

4. Discuss the differences among decision making under certainty, decision making under risk, and decision making under uncertainty.

5. What techniques are used to solve decision-making problems under uncertainty? Which technique results in an optimistic decision? Which technique results in a pessimistic decision?

Reference no: EM1319790

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