Which is the more crucial mistake in the decision-making process — estimating the payoffs poorly or...

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Which is the more crucial mistake in the decision-making process — estimating the payoffs poorly or...

Which is the more crucial mistake in the decision-making process — estimating the payoffs poorly or omitting an important alternative?

math Statistics-And-Probability

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Answer 1

Answer #1

Estimating the payoffs is more crucial mistake than omitting a alternative because, if payoffs are not estimated correctly than even the best alternative would give misleading and wrong results , thus hamper the decision making process more.

So first and foremost thing is to learn how to estimate payoffs correctly while making decisions.

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Answer 2

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Which is the more crucial mistake in the decision-making process — estimating the payoffs poorly or...

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