Question

in decision - making, a is a visual diagram that illustrates choices and their potential outcomes. assessment involves evaluating the potential positive and negative consequences of decisions. the value calculation helps in determining the average expected outcome of a decision by considering different probabilities and impacts. the likelihood or chance of a specific outcome occurring is known as its. is the outcome or result that follows from a specific action or decision.

Explanation:

• Decision Tree: In decision - making, a visual diagram that shows choices and their potential outcomes is a decision tree. It branches out to represent different decisions and their consequences.
• Risk: Risk assessment is about evaluating the potential positive and negative consequences of decisions. It helps in understanding the uncertainties associated with each decision.
• Expected: The expected value calculation is a mathematical concept (but relevant in business decision - making). It is calculated as \(E(X)=\sum_{i}x_ip_i\) (where \(x_i\) are the outcomes and \(p_i\) are their probabilities) to find the average expected outcome of a decision.
• Probability: Probability is the likelihood or chance of a specific outcome occurring. It is a number between 0 and 1, where 0 means an outcome is impossible and 1 means it is certain.
• Consequence: A consequence is the outcome or result that follows from a specific action or decision.

Answer:

1. Decision Tree
2. Risk
3. Expected
4. Probability
5. Consequence