AS2021 Decision Analysis (PRD2 A 2024/25)
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The efficiency of sample information is
To find the Expected Value of Sample Information (EVSI)
Decision analysis is applied when a decision maker must choose among several certain outcomes.
The outcome that results from a specific decision alternative and the occurrence of a particular state of nature
A decision criterion where the decision maker chooses the alternative that is characterized by the greatest profit of each alternative is:
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