Which of the following is the fourth step of the "Six Steps in Decision Making"?
A)Select one of the mathematical decision theory models.
B)List the possible alternatives.
C)Apply the model and make your decision.
D)List the payoff or profit of each combination of alternatives and outcomes.
E)Identify the possible outcomes or states of nature.

Question

Quizplus · Accepted Answer

The fourth step in the decision-making process is to list the payoff or profit of each combination of alternatives and outcomes.

Which of the Following Is the Fourth Step of the "Six