Consider that you are getting ready to leave outside in the morning,and weather forecasters predict rain.Whether or not it will rain is an illustration of ______.
A)consequences
B)states of nature
C)payoffs
D)decision alternatives

Question

Quizplus · Accepted Answer

The weather forecast predicting rain is an example of a state of nature, which is something that is out of the decision maker's control. The decision maker can only anticipate the possible outcomes based on the different states of nature, in this case, whether it will rain or not. Therefore, the best choice is to prepare for the possibility of rain by bringing an umbrella or wearing appropriate clothing.

Consider That You Are Getting Ready to Leave Outside in the Morning,and