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Give an Example of an Abstract Concept

question 37

Essay

Give an example of an abstract concept.List three different variables that might be used to capture this concept,and explain why you chose these variables.


Definitions:

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.

Payoff Table

A decision-making tool used in statistics and business to show the expected outcomes of different decisions under various states of nature.

Decision Matrix

A tool used in decision-making to evaluate and prioritize a list of alternatives or options, based on a set of criteria.

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