Which of the following characteristics would best explain the use of probabilities and expected values in a decision analysis?
A) Limited resources.
B) Uncertainty.
C) Inflation.
D) Multiple products and services.
E) Production bottlenecks.

Question

Quizplus · Accepted Answer

Probabilities and expected values are used in decision analysis primarily to deal with uncertainty. They help in assessing the likelihood of various outcomes and in making informed decisions under conditions where outcomes are not certain.

Which of the Following Characteristics Would Best Explain the Use