All problems related to decision making under uncertainty have three common elements: Group of answer choices

A) The mean, median, and mode.

B) The set of decisions, the cost of each decision, and the profit that can be made from each decision.

C) The set of possible outcomes, the set of decision variables, and the constraints.

D) The set of decisions, the set of possible outcomes, and a value model that prescribes results.

E) The statement of the problem, a graphical representation of the problem, and a recommendation.

Question

Derick Andersen

Business

3 June, 08:31

All problems related to decision making under uncertainty have three common elements: Group of answer choices

A) The mean, median, and mode.

B) The set of decisions, the cost of each decision, and the profit that can be made from each decision.

C) The set of possible outcomes, the set of decision variables, and the constraints.

D) The set of decisions, the set of possible outcomes, and a value model that prescribes results.

E) The statement of the problem, a graphical representation of the problem, and a recommendation.

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Answers (1)

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Roberto · Answer 1

D) The set of decisions, the set of possible outcomes, and a value model that prescribes results.

Explanation:

Problem solving involves use of various methods to find solutions to problems faced by individuals and organisations.

It involves generation of ideas or decisions that can resolve the problem.

These ideas are now analysed to see how viable they are, can they be implemented, and what is the possible outcome.

The valid ideas are now used to create a value model that can effectively bring results.