What is meant by the term requisite decision model

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Question: 1. Give an example of a good decision that you made in the face of some uncertainty. Was the outcome lucky or unlucky? Can you give an example of a poorly made decision whose outcome was lucky?

2. Explain how modeling is used in decision analysis. What is meant by the term "requisite decision model"?

3. What role do subjective judgments play in decision analysis?

4. At a dinner party, an acquaintance asks whether you have read anything interesting lately, and you mention that you have begun to read a text on decision analysis. Your friend asks what decision analysis is and why anyone would want to read a book about it, let alone write one! How would you answer?

Reference no: EM131523537

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