A tabular representation of the payoffs for a decision problem is a
A) decision tree.
B) payoff table.
C) sequential node.
D) problem table.

Question

Quizplus · Accepted Answer

A payoff table is a grid that shows the possible outcomes of a decision based on various choices and the resulting payoffs. It allows decision-makers to compare and evaluate the expected value of each option, making it an essential tool for decision analysis. A decision tree is a graphical representation of a decision problem or process, while sequential node and problem table are not commonly used terms in decision analysis.

A Tabular Representation of the Payoffs for a Decision Problem