1-Define modeling in the context of risk management and give an example

2-What is a decision tree?

3-On a decision tree, what do the squares and circles symbolize?

4-We use the phrase 'states of nature' when evaluating decision making under uncertainty. What are 'states of nature'

5-Does Maximin describe the optimistic or pessimistic approach?

6-What is Expected Monetary Value?

7-What is the difference between prior and posterior probabilities in a decision tree?