The Process of Evaluating a Decision in the Face of Uncertainty

question 40

Multiple Choice

The process of evaluating a decision in the face of uncertainty by quantifying the likelihood and magnitude of an undesirable outcome is known as

• A)risk analysis.
• B)regression analysis.
• C)data mining.
• D)decision tree analysis.

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Definitions:

Total Number

The sum or total count of units or elements in a set or group.

Data Set

A collection of data points or values gathered from experiments or observations.

Classes

Categories or groups into which data can be divided based on certain characteristics or attributes.

Relative Frequencies

The measures showing the number of times a certain event occurs in relation to the total number of events, often expressed as a percentage or fraction.