Question: Process for Using Decision Theory Please place in the correct order Evaluate alternatives according to some decision criterion and select the best alternative Identify the

Process for Using Decision Theory
Please place in the correct order
Evaluate alternatives according to some decision criterion and select the best alternative
Identify the possible future states of nature
Develop a list of possible alternatives
Estimate the payoff for each alternative for each possible future state of nature
If possible, estimate the likelihood of each possible future state of nature

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