Exam 9: Model-Based Decision Making: Optimization and Multi-Criteria Systems

Models can be built with the help of human knowledge and expertise. Another source of help in building these models is

List four difficulties that may arise when analyzing multiple goals.

________ models are used to predict the future and are used widely in e-commerce.

The analytic hierarchy process incorporates both qualitative and quantitative decision making criteria.

In an LP model, what does the fourth hidden component contain?

Another name for result variables is independent variables.

Spreadsheets are particularly useful for all of the following reasons EXCEPT

AHP can be used effectively for optimization with problems containing a small number of alternatives.

Testing the robustness of decisions under changing conditions is an example of ________ analysis.

Most managerial problems can be properly evaluated and solved using a single goal, such as profit maximization.