For this discussion topic, each student is required to have at least 2 postings: One explaining at least one of the following lettered keywords and a second responding to another student’s posting. Please select a lettered keyword that has not been explained by the time you post your response. You can select any keyword to explain once all keywords are explained. Please do not copy the definition of a keyword from the textbook or the lecture notes. Please do not copy another student’s posting. Use your own words to explain the meaning of each keyword. You can also give examples to clarify your definition.
This discussion will close at midnight Sunday, November 18th.
a. Decision analysis
b. The maximax criterion
c. The maximin criterion
d. The minimax regret criterion
e. The Hurwicz’s criterion
f. The equal likelihood criterion
g. The Expected Value Criterion
h. The Expected Opportunity Loss Criterion
i. Expected Value of Perfect Information