Question: Your company needs to make an important decision that involves large monetary consequences. You have listed all of the possible outcomes and the monetary payoffs

Your company needs to make an important decision that involves large monetary consequences. You have listed all of the possible outcomes and the monetary payoffs and costs from all outcomes and all potential decisions. You want to use the EMV criterion, but you realize that this requires probabilities and you see no way to find the required probabilities. What can you do?

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