The result obtained when a decision alternative is chosen and a chance event occurs is known as
A) decision event.
B) consequence.
C) state of nature.
D) conditional probability.

Question

Quizplus · Accepted Answer

Consequence refers to the result obtained when a decision alternative is chosen and a chance event occurs. The other options are not appropriate because decision event refers to the event of making a decision, state of nature refers to a chance event that may occur and conditional probability refers to the probability of an event given that another event has occurred.

The Result Obtained When a Decision Alternative Is Chosen and a Chance