Chapter 5: Decision Making Concepts
Elements of Decisions
Every decision has acts. These are the possible choices.
Outcomes are the consequences.
Decisions made under uncertainty involve events.
When there is uncertainty, outcomes are determined partly by
Bayes' formula is an important method for computing conditional probabilities. It is often used to
compute posterior probabilities (as opposed to priorior probabilities) given observations. For
example, a patient is observed to have a certa
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