FUNDAMENTALS OF DECISION THEORY MODELS"

Give six steps in decision theory of making decition explain each step as a gwneral
– cleraly define the promblem at hand
– list the possible alternatives
– Identifly the possible outcomes or states of nature
– List the payoff or profit of each combination of alternatives and outcomes.
– Select one of the mathematical decition theory models Apply the model and make your decition
 
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