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Risk and Uncertainty (Research (Desk, Field, Focus Groups), Expected…
Risk and Uncertainty
Research
Desk
Field
Focus Groups
Simulation
Expected Values
Risk neutral
Probabilities
MaxiMax
Risk Takers
Best of Best
MaxiMin
Risk Adverse
Best of the worst-case scenario
MiniMax Regret
Regret table (Negative numbers)
Choose the option that minimises possibly regret
Decision Trees
Joint Probability
Left to right
Value of Information
Imperfect
Perfect
