What is the purpose of setting up objectives when modeling a decision?
Objectives allow for the establishment of criteria that can be used to measure the value or desirability of a particular outcome. 7. Please explain why an influence diagram should have no cycles. This rule for construction is in keeping with the reality of decision-making and problem-solving. Once a choice is made, it is made. We cannot go back to a choice at a later time and “unmake” it. 8. List and briefly describe the rules that must be followed in the construction of decision tree diagrams in order to assure the details of the decision context are clearly represented. First, the branches extending from a choice node must be constructed such that the decision-maker can choose only one option. No branch can be modeled as a combination of choice options. Second, the branches radiating from an uncertainty node must represent a set of outcomes that are both mutually exclusive and collectively exhaustive. Finally, the decision tree must be constructed to depict an accurate chronology of
