Question: What is the first step in the decision process? Identify all costs or payoffs. Identify states of nature. Perform sensitivity analysis. Identify alternatives. Identify the

What is the first step in the decision process?
Identify all costs or payoffs.
Identify states of nature.
Perform sensitivity analysis.
Identify alternatives.
Identify the decision and objectives.
What is the first step in the decision process? Identify all

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