______ is the weighted average of the values of all possible outcomes of the decision,or the average payoff that would be realized if the decision were to be repeated many times.
A)Expected value of perfect information
B)Expected regret
C)Expected loss
D)Expected value

Question

Quizplus · Accepted Answer

Expected value is the most appropriate choice as it represents the average payoff that would be realized if the decision were to be repeated many times while considering the weighted average of all possible outcomes. Expected value of perfect information (A) refers to the maximum value of the expected value if perfect information were available to make the decision. Expected regret (B) refers to the difference between the expected payoff of the best decision and the actual payoff of the chosen decision. Expected loss (C) refers to the average amount of loss that would be incurred with a decision.

______ Is the Weighted Average of the Values of All