List and Describe the Four Main Decision Making Styles

question 47

Essay

List and describe the four main decision making styles.

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Definitions:

Random Events

Outcomes or occurrences that are unpredictable and determined entirely by chance.

Probability

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, with 1 indicating certainty.

Tree Diagram

A diagram used to show the total number of possible outcomes in a probability experiment.

Simple Events

A simple event is an outcome or event that cannot be further broken down into simpler components within the context of a probability experiment.