are the consequences of the alternatives chosen given the states of nature that eventually occur.in the field of decision analysis.
A)States of nature
B)Alternatives
C)Payoffs
D)Outcomes

Question

Quizplus · Accepted Answer

Payoffs are the consequences or results of the alternatives chosen given the states of nature that eventually occur. They represent the value or cost associated with each combination of alternative actions and states of nature.

Are the Consequences of the Alternatives Chosen Given the States