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During a recent meeting with the marketing manager,you were asked for ideas on how to improve the technology of the firm's customer interfaces.What advice would you give the marketing manager?
Opportunity Loss
The cost of the next best alternative foregone as a result of making a decision.
Actual Profit
The realised gain from business operations or investments, after all costs and expenses have been deducted.
Payoff Table
A tabular representation of the possible outcomes or payoffs in a decision-making problem, against various decisions under different states of nature.
State of Nature
In decision making and statistics, the actual but unknown condition affecting outcomes or probabilities.
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