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Discuss making a decision using baye decision rule

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Reference no: EM131382239

Discuss making a decision using Baye's decision rule (probabilities) for "the maximax approach", "the maximin approach", the "maximum likelihood approach" and how it can be used/applied to your personal life and also in professional situations. Please discuss the strengths and weaknesses of the various approaches.

Reference no: EM131382239

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