The decision process is as follows: 1. Select one of the alternative decisions (d i ). 2. After your decision is made, a state of nature occurs that i
{"Image DocumentName": "The decision process is as follows:", "Image ImageDescription": "1. Select one of the alternative decisions (di). 2. After your decision is made, a state of nature occurs that is beyond your control. 3. The associated return can then be determined from the payoff table (rij). The decision that we select depends on our belief concerning what nature will do (i.e., which state of nature will occur). To help us make the decision, several assumptions about nature\u2019s behavior will be made. Each assumption leads to a different criterion for selecting the best decision.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}