In a decision analysis problem, variables (such as general macroeconomic conditions)which are not under the decision maker's control are called prior probabilities.

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In decision analysis, variables not under the decision maker's control, such as general macroeconomic conditions, are referred to as external factors or uncertainties, not prior probabilities. Prior probabilities refer to the initial assessments of the likelihood of various states of nature before any additional information is considered.

In a Decision Analysis Problem, Variables (Such as General Macroeconomic