ch05s_outline - maximax Laplace minimax regret 5 What is...

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STUDY OUTLINE FOR CHAPTER 5S DECISION THEORY 1. Briefly define or explain these causes of poor decisions: bounded rationality suboptimization 2. List the six steps in the decision making process: 1) 2) 3) 4) 5) 6) 5s-1
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3. List and briefly explain the three decision environments: 1) 2) 3) 4. Explain each of these decision making approaches: maximin
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Unformatted text preview: maximax Laplace minimax regret 5. What is the EMV criterion, and what additional information is needed to use it? 2 6. What is a decision tree, and how is it useful? 7. What is the expected value of perfect information? 8. What information does sensitivity analysis provide for a decision maker? 5s-3...
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