QUIZ Lesson Decision Making - %PDF-1.4 61 0 obj...

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1 Lesson 04 Decision Making 21. The term sub-optimization is best described as the: A. result of individual departments making the best decisions for their own areas B. limitations on decision-making caused by costs and time C. result of failure to adhere to the steps in the decision process D. result of ignoring symptoms of the problem E. none of the above 22. Which phrase best describes the term bounded rationality? A. thinking a problem through clearly before acting B. taking care not to exhaust limited resources C. the result of departmentalized decision making D. limits imposed on decision making by costs, time, and technology E. the use of extremely structured steps in the decision making process 23. Testing how a problem solution reacts to changes in one or more of the model parameters is called: A. simulation B. sensitivity analysis C. priority recognition D. analysis of variance E. decision analysis 24. Sensitivity analysis is required because A. payoffs and probabilities are estimates
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This note was uploaded on 01/16/2012 for the course ENGINEERIN 001 taught by Professor Stevenson during the Spring '11 term at Punjab Engineering College.

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QUIZ Lesson Decision Making - %PDF-1.4 61 0 obj...

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