A sequence of decisions and chance outcomes that provide the optimal solution to a decision problem is called
A)a payoff table
B)the expected value approach
C)a decision strategy
D)a contingency plan

Question

A sequence of decisions and chance outcomes that provide the optimal solution to a decision problem is called​
A)​a payoff table
B)​the expected value approach
C)​a decision strategy
D)​a contingency plan

Quizplus · Accepted Answer

A sequence of decisions and chance outcomes that provide the optimal solution to a decision problem is called a decision strategy. While a payoff table and the expected value approach are important tools in decision making, they do not refer to the sequence of decisions and outcomes necessary for an optimal solution. A contingency plan refers to a plan of action to be taken if a certain event occurs, and is not specific to decision making. Therefore, the best choice is C - a decision strategy.

A Sequence of Decisions and Chance Outcomes That Provide the Optimal