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ma20 - Solutions to Spring 2009 Exam 1 Part 2 15(C First...

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Solutions to Spring 2009 Exam 1 Part 2 15. (C) First, calculate how many hours a single employee worked during the last 25 work days. 25 days x 8 hours/day = 200 hours per worker. 16. (E) This is a question involving decision making under uncertainty. Sam knows the possible outcomes, but he cannot assign probabilities to these outcomes. Without more information about Sam’s decision (maximax, maximin, equally likely, etc.), we cannot tell what Sam should do. 17. (B) Management science is a set of mathematical models and algorithms for solving those models, whose goal is to efficiently utilize scarce resources. It includes such tools as decision theory, linear programming, and the transportation method. 18. (A) The best way to approach this question is to construct a decision table. The maximin criteria requires the decision maker to find the minimum outcome for each decision alternative, and choose the greatest result out of those minimum outcomes. That is, it requires the decision maker to assume the worst and pick the best possible result.
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