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BUS 31.4 Review Final - Copy

BUS 31.4 Review Final - Copy - CIS 10.31 BUS 31.4 Review S...

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CIS 10.31 / BUS 31.4 Review S. Neuburger Chapter 3 – Decision Theory Key Terms: Alternative State of Nature Regret Utility You should know how to: Derive probability loss (regret) matrix from payoff table Set up decision tree to represent sequence of decisions Choose optimal action based on the following criteria: o Maximax profit o Maximin profit o Minimax regret o Equally likely (Laplace) o Criterion of Realism (Hurwicz) o Max EMV / Min EOL o Max Expected Utility Chapter 7 – Graphical Approach to Linear Programming Key Terms: Objective Function Constraint Feasible Solution Feasible Region Dual Value Corner Point Sensitivity Analysis / Postoptimality Analysis Unboundedness Alternate optimal solutions You should know how to: Identify variables in a problem. Formulate objective function and constraints. Classify solutions as feasible or infeasible. Graph feasible region and find its corner points. Graphically find solution that optimizes objective function.
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