List and Define the Two Thinking Systems

question 35

Essay

List and define the two thinking systems. Provide an example of each.

---

Definitions:

Videography Business

A commercial enterprise that provides services related to filming, video editing, and production of visual content.

Expected Opportunity Loss

The anticipated loss of value from not choosing the best alternative option in a decision-making process.

Opportunity Loss Table

A decision-making table that summarizes the potential losses associated with different decision choices, given various future events or states of the world.

Payoff Table

A table that shows the possible outcomes or results of different strategies, decisions, or investments, often used in decision analysis to evaluate options.