The Decision Maker-Although Not Certain-Is Aware of the Chances,or Probabilities,of

question 49

Multiple Choice

The decision maker-although not certain-is aware of the chances,or probabilities,of the various states of nature occurring.This statement relates to which of the following scenarios?

• A)decision under certainty
• B)decision under uncertainty
• C)decision under state of nature
• D)decision under risk

---

Definitions:

Sampling Error

The discrepancy between a statistical measurement based on a sample and the actual population parameter.

Proportion

A part or fraction of a whole, often expressed as a percentage or ratio, reflecting the relative size or quantity of one quantity compared to another.

Population Proportions

Population proportions represent the fraction or percentage of members in a population that possess a particular attribute.

Confidence Level

The degree of certainty or probability with which one can expect a result to fall within a specified range.