LEARNING OBJECTIVES
After studying this chapter, you should be able to:

• Apply Bayes' theorem to revise population parameters.
• Solve sequential decision problems using the decision tree technique.
• Conduct decision analyses for cases without probability data.
• Conduct decision analyses for cases with probability data.
• Evaluate the expected value of perfect information.
• Evaluate the expected value of sample information.
• Use utility functions to model the risk attitudes of decision makers.
• Solve decision analysis problems using spreadsheet templates.