A convenient way to represent decisions, chance events, and possible outcomes in choices under risk and uncertainty is known as a:
A) probability distribution.
B) decision table.
C) decision tree.
D) expected outcome tree.
E) risk table.

Question

Quizplus · Accepted Answer

A decision tree is a graphical representation of decisions, chance events, and possible outcomes in choices under risk and uncertainty. It allows decision-makers to visualize and analyze different alternatives and potential outcomes for each decision option, making it a convenient tool for decision-making in complex scenarios. Probability distributions, decision tables, expected outcome trees, and risk tables are all related concepts, but they do not provide the same level of detail and flexibility as a decision tree.

A Convenient Way to Represent Decisions, Chance Events, and Possible