Sensitivity analysis may be useful in decision analysis since prior probabilities may be inaccurate.

Name: Sensitivity analysis may be useful in decision analysis since prior probabilities may be inaccurate.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Sensitivity analysis helps to understand the impact of changing input parameters or assumptions in a decision-making model. This can be useful in evaluating the robustness of the decision under uncertain situations where prior probabilities may not be accurate.

Sensitivity Analysis May Be Useful in Decision Analysis Since Prior