Question 1

What is a "fair" game?

Accepted Answer

(A fair game is a ga

Question 2

The expected regret criterion will always yield the same optimal decision as which other criterion?

Accepted Answer

A) maximin 
B) minimax 
C) minimax regret 
D) expected value 
A) maximin 
B) minimax 
C) minimax regret 
D) expected value

Question 3

Consider the payoff table in problem 7.Suppose that the probabilities of states of nature S2 and S3 occurring are equal and that the probability of state of nature S4 occurring is .50.If the probability of state of nature S1 occurring is three times the probability of state of nature S2 occurring, the optimal decision under the expected value criterion is:

Accepted Answer

A) D1 
B) D2 
C) D3 
D) D4 
A) D1 
B) D2 
C) D3 
D) D4

Question 4

The payoff table always has more states of nature than decision alternatives.

Accepted Answer

A) True 
 B)False

Question 5

The "principle of insufficient reason" indicates the decision maker's belief that any state of nature is as likely to occur as any other state.

Accepted Answer

A) True 
 B)False

Question 6

"Expected value" in decision analysis is synonymous with "most likely value."

Accepted Answer

A) True 
 B)False

What is a "fair" game?

The expected regret criterion will always yield the same optimal decision as which other criterion?

The payoff table always has more states of nature than decision alternatives.

The "principle of insufficient reason" indicates the decision maker's belief that any state of nature is as likely to occur as any other state.

"Expected value" in decision analysis is synonymous with "most likely value."

Introduction to Management Science Models

Introduction to Management Science Models

Applications of Linear and Integer Programming Models

Network Models

Project Scheduling Models

Forecasting

Inventory Models

Queuing Models

Simulation Models

Quality Management Models

Markov Process Models

Nonlinear Models:dynamic, Goal, and Nonlinear Programming

Filters

Exam 6: Decision Models

What is a "fair" game?

The expected regret criterion will always yield the same optimal decision as which other criterion?

The payoff table always has more states of nature than decision alternatives.

The "principle of insufficient reason" indicates the decision maker's belief that any state of nature is as likely to occur as any other state.

"Expected value" in decision analysis is synonymous with "most likely value."

Introduction to Management Science Models

Introduction to Management Science Models

Applications of Linear and Integer Programming Models

Network Models

Project Scheduling Models

Forecasting

Inventory Models

Queuing Models

Simulation Models

Quality Management Models

Markov Process Models

Nonlinear Models:dynamic, Goal, and Nonlinear Programming

Filters