A payoff
A) is always measured in profit.
B) is always measured in cost.
C) exists for each pair of decision alternative and state of nature.
D) exists for each state of nature.

Name: A payoff A) is always measured in profit. B) is always measured in cost. C) exists for each pair of decision alternative and state of nature. D) exists for each state of nature.
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Question

Quizplus · Accepted Answer

A payoff is the outcome or result associated with each combination of a decision alternative and a state of nature in decision analysis.

A Payoff