OFFICE MAN 130 – Discuss making a decision using Baye’sdecision rule (probabilities)

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OFFICE MAN 130 – Discuss making a decision using Baye’sdecision rule (probabilities)

Discuss making a decision usingBaye’sdecision rule (probabilities) for “themaximaxapproach”, “themaximinapproach”, the “maximum likelihood approach” and how it can be used/applied to your personal life and also in professional situations. Please discuss the strengths and weaknesses of the various approaches.