Question: 1. What is meant by risk? 2. Explain the term expected value of perfect information. 3. What is utility?

1. What is meant by risk?
2. Explain the term expected value of perfect information.
3. What is utility?

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1 Risk refers to the potential for uncertainty or variability in outcomes It represents the possibility of losses harm or negative consequences associated with a particular decision action or event In ... View full answer

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