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What is Decision Analysis Techniques Explained about?

Decision analysis involves evaluating alternatives based on possible outcomes and their probabilities. It can be used under conditions of certainty, risk, or uncertainty. Under certainty one state is known to occur, under risk the probabilities of states are known, and under uncertainty the probabilities are unknown. Maximin selects the alternative with the highest minimum outcome, maximizing the minimum gain. Maximax selects the alternative with the highest maximum outcome, taking the most optimistic view.

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manu192

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EN