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Using the data from your organization, identify an example where the quantitative process of “decision making...

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Basic Math

Using the data from your organization, identify an example wherethe quantitative process of “decision making under uncertainty”could assist with a decision.

a)      Define the states of nature andestimate probabilities for each state of nature.

b)      Organize data in a payofftable.

c)      Determine the expected payoffof each alternative.

d)     Determine the best alternative.

e)      Calculate the value of perfectinformation.

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