Abstract
Decision-making can involve a single decision or multistage decisions. When the decision-maker has to make at least two decisions separated in time, such as a situation where a company must first decide if it makes sense to hire an expert to make an actual decision about an investment. As the decision-maker goes on making decisions, the uncertainty diminishes. The probabilities are determined in a reverse manner when compared to regular decision-tree used for decision-making. The resulting process is Baye’s rule or theorem. The company wants to find out if hiring an expert so that he or she can ...