1. Identify the heuristics that decision makers might use in making estimates in the situations listed
below. Explain how biases might emanate from the use of these heuristics. (250 word limit for
each scenario please)
For this question, there are normall
Homework 3 Part 1
1. Utility Theory
a. Use the following questions to assess your own utility function for money values between
$0 and $5000. You should assume that all sums of money referred to will be received
i. You are offered either a su
INTRODUCTION TO ENGINEERING
What is Management?
Control Manage: To handle
Authority Management: process for managing
training or directing
Planning and allocating resources
Leading teams of people
Lecture 2 Introduction to
Introduction to Project Management
What is a project?
A project is a temporary endeavor undertaken to
create a unique product, service or result.
Temporary: definite beginning and definite end
Unique: no tw
Project Management: Initiation &
OVERVIEW of CONCEPTS
What is a project
Project life cycle
Begin to end of project
What is a process?
Ex: plan do check a act
Ex2: pm process
Might repeat duri
Decision Analysis: Decision Trees &
Useful for multi-stage problems
What is an example of a multi-stage problem?
Why useful for multi-stage problems?
Visual display of sequential dec
Decision Analysis: Bayes Theorem &
Topics that build up to Bayes Rule:
Law of Total Probability
If you would like to un
MONTE CARLO SIMULATION
Static or Dynamic
Static: Not based on time
Dynamic: Passage of time/clock
Stochastic or Deterministic
Due November 11,2015
Due is on wednesday, November 11th before the class.
a.) Textbook, Chapter 7, Problem 30
b.) Assume that the number of items sold in each week can be modeled by the following distribution:
P (N = k) =