_____ refers to the probability of one event, given the known outcome of a (possibly) related event. ...

_____ refers to the probability of one event, given the known outcome of a (possibly) related event.
 a. Joint probability b. A priori probability
  c. Decisive probability d. Conditional probability

Q. 2

A special case of sample information where the information tells the decision maker exactly which state of nature is going to occur is known as_____ information.
 a. perfect b. mutual
  c. conditional d. prior

Q. 3

What would be the value added by a market analysis undertaken, if the expected value with sample information is 8.56 million and the expected value without sample information is 6.39 million?
 a. 8.56 million b. 6.39 million
  c. 2.17 million d. 14.95 million

Q. 4

__________ refer to the probabilities of the states of nature after revising the prior probabilities based on sample information.
 a. Preliminary probabilities
  b. Perfect probabilities
  c. Joint probabilities
  d. Posterior probabilities

Q. 5

New information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities is known as
 a. joint probability.
  b. sample information.
  c. conditional probability.
  d. expected utility.