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Unformatted text preview: managers a snapshot of where they are in their project. 8. State of Nature: An occurrence or a situation over which the decision maker has little or no control. 9. Alternative: A course of action or strategy that may be chosen by the decision maker. 10. Decision Tree: A graphical means of analyzing decision alternatives and states of nature. 11. Equally Likely: A criterion that assigns equal probability to each state of nature. 12. Decision Table: A tabular means of analyzing decision alternatives and states of nature. 13. Maximin: A criterion that finds an alternative that maximizes the minimum outcome. 14. Maximax: A criterion that finds an alternative that maximizes the maximum outcome. 15. 3 Sources of Productivity Gains: Labor, capital, and management...
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This note was uploaded on 01/28/2011 for the course MAN 4504 taught by Professor Benson during the Spring '08 term at University of Florida.
- Spring '08