Elements common to decision-making in all models do not include
A)Criteria
B)Knowledge about states of nature
C)Measures of benefit (profit or loss) to the decision-maker
D)Expected Value (EV)

Question

Quizplus · Accepted Answer

Expected Value (EV) is not a common element in all decision-making models. It is specific to decision-making under uncertainty where probabilities are assigned to different outcomes.

Elements Common to Decision-Making in All Models Do Not Include