In decision-making, what does the term "states of nature" refer to?
A) Decisions under control of the decision-maker
B) External conditions impacting the decision
C) Historical data
D) Future predictions
This community is for professionals and enthusiasts of our products and services.
Share and discuss the best content and new marketing ideas, build your professional profile and become a better marketer together.
In decision-making, what does the term "states of nature" refer to?
A) Decisions under control of the decision-maker
B) External conditions impacting the decision
C) Historical data
D) Future predictions