Examlex
What is the name for an organization of individuals with similar views that tries to influence government to respond favorably to its views?
Expected Monetary Value
A statistical technique to calculate the average outcome when the future includes scenarios that may or may not happen.
State of Nature Node
A decision analysis tool used to represent possible future events or outcomes in decision making under uncertainty.
State of Nature
A term used in decision theory and statistics to describe possible outcomes in a situation which are not under the control of the decision-maker.
Maximax Criterion
A decision-making strategy that seeks to maximize the maximum possible payoff, focusing on the most optimistic scenario.
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