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Let's say you are excavating a site. You are being pretty careful, and are using 1/4" mesh screens to sieve the dirt after it is removed by a trowel and dustpan from the site. You find a few very small but well-preserved fish bones. The next day:
Payoff Table
A tabular representation of the possible outcomes or payoffs in a decision-making problem, against various decisions under different states of nature.
State of Nature
In decision making and statistics, the actual but unknown condition affecting outcomes or probabilities.
Monetary Values
The value of an object, service, or resource expressed in terms of money or currency.
Opportunity Loss Table
A table used in decision analysis that quantifies the difference between the payoff from the best action and all other actions for each state of nature.
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