Examlex
Of the non-compensatory decision rules, the _____ is when the consumer ranks the attributes in terms of perceived relevance or importance and then compares the various alternatives in terms of the single attribute that is considered most important.
Prior Probability
The probability of an event before new evidence is considered, used in Bayesian statistics as a part of updating the probability based on new information.
Posterior Probability
is the probability of the hypotheses given the observed data, calculated using Bayes' theorem.
Prior Probability
The likelihood of an event occurring before new evidence is taken into account.
Conditional Probability
The estimated probability of an event's occurrence when it is already known that another event has preceded it.
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