l Chapter 19- Key Terms Levels of doubt Maximin criteria Risk Maximax criteria Uncertainty Minimax regret gnorance Expected value of · Decision situation perfect information Decision alternatives States of nature Expected opportunity Probabilities Incremental analysis Expected payoff o 2002 The Wadsworth GroupChapter 19 - Key Terms • Levels of doubt – Risk – Uncertainty – Ignorance • Decision situation – Decision alternatives – States of nature – Probabilities – Expected payoff • Maximin criteria • Maximax criteria • Minimax regret • Expected value of perfect information • Expected opportunity loss • Incremental analysis © 2002 The Wadsworth Group