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Decision Analysis Quiz

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1. What represents the best description of a 'Decision Tree'?

2. In the context of decision analysis, what does the term 'Payoff Table' refer to?

3. Which method is used in decision analysis to deal with the uncertainty of future events?

4. What does 'Expected Value' in decision analysis represent?

5. What is 'Sensitivity Analysis' in decision analysis?

6. What principle does Utility Theory in decision analysis embody?

7. How does including a 'best-case scenario' in a decision analysis model help?

8. What role does probability play in decision trees?

9. Why are 'distractors' important in creating multiple-choice questions for a decision analysis quiz?

10. In evaluating decision options under uncertainty, what is the advantage of using the 'maximin' criterion?