vocab for decision making

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Created by: rosalyn.goodenough
Created on: 05-04-17 13:44

scientific decision making

gathering information to get a result that will help you make a decision

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intuition

you just instantly think is right

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first mover advantage

if you are the first person to get that position they it is hard for the others to compete with you

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opportunity cost

loss of other alternatives when one alternative is chosen

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decision tree

a tree diagram that helps you make a decision

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probability

quality or state of being probable; the extent to which something is likely to happen or be the case.

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expected value (EV)

predicted value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence

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Expected Monetary Value (EMV)

ballpark figure that shows how much money a plaintiff can reasonably expect in mediation. Think of it as an average of the best- and worst-case scenarios. It accounts not only for the dollar figure assigned to each outcome but also for the likelihood

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net gain

The overall improvement observed in some measure after all positive and negative influences have been fully accounted for

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Other cards in this set

Card 2

Front

you just instantly think is right

Back

intuition

Card 3

Front

if you are the first person to get that position they it is hard for the others to compete with you

Back

Card 4

Front

loss of other alternatives when one alternative is chosen

Back

Card 5

Front

a tree diagram that helps you make a decision

Back

View more cards

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vocab for decision making