Correct Answer: Decision tree analysis

Solution : The correct answer is (c) Decision tree analysis

Decision tree analysis is a technique commonly used for decision-making under uncertainty. It involves creating a visual representation of a decision problem as a tree-like structure, where each branch represents a possible decision or event and the associated probabilities and outcomes.

Decision trees help in analyzing complex decisions by considering the different possible outcomes and their probabilities. This technique enables decision-makers to assess the expected value or expected utility of different options and make informed choices based on the potential risks and rewards associated with each decision path.