Decision Analysis

Quiz
•
Mathematics
•
University
•
Hard
James Meneses
Used 78+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not considered a step in the decision-making process?
Clearly identify the problem
Develop objectives.
Evaluate alternatives.
Minimize costs whenever possible.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The first step, and a key element, in the decision-making process is to
consult a specialist
clearly define the problem
develop objectives
monitor the results
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In terms of decision theory, an occurrence or situation over which the decision maker has no
control is called a(n)
decision under uncertainty
decision tree
state of nature
alternative
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
tabular presentation that shows the outcome for each decision alternative under the various
possible states of nature is called a(n)
isoquant table
payback period matrix
payoff table
feasible region
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The decision criterion that would be used by an optimistic decision maker solving a problem under
conditions of uncertainty would be the
expected monetary value criterion
equally likely criterion
maximax criterion
maximin criterion
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A decision maker who uses the maximin criterion when solving a problem under conditions of uncertainty is
an optimist
a pessimist
an economist
an optometrist
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Expected monetary value is most appropriate for problem solving that takes place
when conditions are average
when all states of nature are equally likely
under conditions of uncertainty
under conditions of risk
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