Question: What is the first step in the decision - making process? Answer Apply the model and make the decision. Estimate the potential payoffs ( profit

What is the first step in the decision-making process?
Answer
Apply the model and make the decision.
Estimate the potential payoffs (profit or loss) for each alternative and environmental state combination.
Decide on the decision theory environment and strategy.
Clearly define the problem, isolating the decision you need to make.
What is the first step in the decision-making process? Answer Apply

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