1. State the meanings of EMV and EVPI.
2. Under what conditions is a decision tree preferable to a decision table?
3. What is the difference between prior and posterior probabilities?
4. What is the purpose of Bayesian analysis? Describe how you would use Bayesian analysis in the decision-making process.
5. What is the purpose of utility theory?
6. Briefly discuss how a utility function can be assessed. What is a standard gamble, and how is it used in determining utility values?