The expected value criteria is a good tool if
A)The decision will be made only one time
B)The decision will be made over-and-over again
C)The decision will be made under conditions of certainty
D)The decision has to be made quickly

Question

Quizplus · Accepted Answer

The expected value criteria is a good tool if the decision will be made over-and-over again. This is because the expected value takes into account the probability of different outcomes, which is useful when making decisions that will be repeated multiple times. For one-time decisions or decisions made under conditions of certainty, other criteria may be more appropriate. Similarly, the expected value criteria requires some calculation, so it may not be the best choice for decisions that have to be made quickly.

The Expected Value Criteria Is a Good Tool If