When a Decision Maker Is Faced with Several Alternatives and an Uncertain

question 25

Multiple Choice

When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses __________ to develop an optimal strategy.

• A)utility theory
• B)predictive analytics
• C)data mining
• D)decision analysis

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Definitions:

Degrees Of Freedom

The number of independent values or quantities which can vary in the analysis without violating any constraints.

Margin Of Error

An expression of the amount of random sampling error in a survey's results, which describes a confidence interval’s radius around a survey’s result within which the true population parameter lies.

Population Standard Deviation

A measure of the dispersion or spread of all values within a population, quantifying how much the values differ from the population mean.

Sample Size

The number of observations or replicates included in a statistical sample, essential for accurately estimating the population parameter.