Exam 4: Modeling Decision Processes

Decisions made in conditions of certainty are the most difficult.

A problem is defined as the difference between the current state of affairs and the desired state of affairs.

In any choice there is a(n) _____ probability of at least one alternative being selected and there is an ____ probability of any particular one being selected.

A model which focuses on the mathematical precision with which various outcomes can be predicted is referred to as a(n):

The typical decision-maker, more often than one might imagine, fails to formally and concisely identify the problem at hand before beginning the process of solving it.

A model in which at least one of the variables in the model is uncertain and must be described by some probability function is known as a:

One way to determine what the real underlying problem is to expore the reasons why an alternative is viable.

The priorities of a decision maker are determined by the size of the solution.

Which of the following is not a component of a problem statement?

Which of the following is not a requirement of probability?

Hayes Model Base Rule is used to determine the appropriate forecasting technique for DSSs.

Implicit in the concept of choice is the existence of multiple alternatives.

The concept of __________ suggests that while a probability may be derivable, its accuracy may not be acceptable under any circumstances.

A common error when creating a problem statement is to prematurely focus on the possible solutions.

Models that do not explicitly acknowledge time are called:

Odds forecasting is a common technique for eliciting subjective probability.

Which of the following is not a decision model classification?

Conceptual models can be thought of as analogies to the problem context.

Problem structures can be described in terms of three fundamental components: (1) choices, (2) uncertainties, and (3) objectives.

An optimal solution is always guaranteed when using a simulation model.