AimeNAssignment5 - HW 5a Multiple Choice Identify the choice that best completes the statement or answers the question_B 1 Although modeling

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HW 5a Multiple Choice Identify the choice that best completes the statement or answers the question. __B__ 1. Although modeling provides valuable insight to decision makers, decision making remains a difficult task. Which of the following is not a primary cause for this difficulty discussed in the Decision Analysis chapter? a. Uncertainty regarding the future. b. Models provide decisions for the decision maker. c. Conflicting values. d. Conflicting objectives. __A__ 2. Which of the following is a goal of decision analysis? a. Help individuals make good decisions. b. Ensure decisions lead to good outcomes. c. Avoiding decisions leading to bad outcomes. d. Reduce the role of luck in a decision. __A__ 3. Which of the following summarizes the final outcome for each decision alternative? a. payoff matrix b. outcome matrix c. yield matrix d. performance matrix __A__ 4. Which decision rule optimistically assumes that nature will always be "on our side" regardless of what de- cision we make? a. maximax decision rule. b. maximin decision rule. c. minimax regret decision rule. d. minimin decision rule. __B__ 5. Which decision rule pessimistically assumes that nature will always be "against us" regardless of what de- cision we make? a. maximax decision rule. b. maximin decision rule. c. minimax regret decision rule. d. minimin decision rule.
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__B__ 6. The decision rule which determines the minimum payoff for each alternative and then selects the alternative associated with the largest minimum payoff is the a. maximax decision rule. b. maximin decision rule. c. minimax regret decision rule. d.
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This note was uploaded on 01/08/2012 for the course BUSN 310 taught by Professor Alex during the Spring '11 term at American Public University.

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AimeNAssignment5 - HW 5a Multiple Choice Identify the choice that best completes the statement or answers the question_B 1 Although modeling

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