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Describe a situation (one each) in your life where you made decisions: a. Under certainty b. Under uncertainty c. Under risk d. What criteria
Describe a situation (one each) in your life where you made decisions: a. Under certainty b. Under uncertainty c. Under risk d. What criteria (optimistic, pessimistic, Wurwicz, Laplace, Minimax regret) would be best for the scenario (b)? Post your answer in the "Lesson 3 discussion", too. Comment on one (or more) discussion post of another student discussing whether you agree with the choice of criteria or not.
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Answers 1 Decision making is a process of identifying problems and opportunities and choosing the best option among alternative courses of action for ...
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