Bill Wants to Start a Restaurant That Fuses Mexican and Thai

question 96

Multiple Choice

Bill wants to start a restaurant that fuses Mexican and Thai foods.He does not really know if this concept will be viable so he opens up the restaurant with a limited menu and has each customer fill out a questionnaire to gather information.Then, he will formulate a business plan, apply for bank loans and investor funding, lease a building, on so on.Bill is using ______.

• A)creation in action
• B)prediction in action
• C)business planning in action
• D)strategy development in action

---

Definitions:

State of Nature

A term in decision theory representing all possible states or outcomes in a decision-making problem, which are not under the control of the decision maker.

Payoff Table

A tabular representation of the outcomes for each combination of strategies in decision theory, typically used in strategic decision making and game theory.

States of Nature

Hypothetical conditions that could affect the outcome of a decision or experiment but are beyond the control of the decision-maker.

Decision Alternatives

Possible actions or choices available to decision-makers in a decision-making process.