Question

Question 23:
In a statistical decision theory for
every combination of an act and a
state of nature, there is an outcome,
which may be viewed as
Delight or sadness
O
Profit or loss
Victory or defeat
Success or failure​

Answer 1

Answer:

Profit or loss

Explanation:

In a statistical decision theory for  every combination of an act and a  state of nature, there is an outcome,  which may be viewed as profit or loss.

Hope it helps

Answer 2

Answer:

Option 2. Profit or loss is the correct option.

Step-by-step explanation:

• In a statistical decision theory for every combination of an act and a state of nature, there is an outcome, which may be viewed as Profit or loss as the outcome is analyzed after the calculation of pay-offs in the terms of monetary gains (profit or less) of each outcome. Outcome is also known as conditional value.

• According to statistical decision theory, the decisions are made in the presence of statistical data or knowledge which helps in shedding light on some of the certainties and uncertainties involved in the decision Problem.
• Decision problems can be categorized into the following types-

1. Decision-making under certainty.
2. Decision-making under uncertainty.
3. Decision-making under risk.
4. Decision-making under conflict.
5. Decision-making under partial information.

• The basic components of the decision situation are:-

1. Acts
2. the State of Nature
3. Outcomes
4. Pay-offs
5. Expected value of each act