Question 1

The ________ criterion results in the maximum of the minimum payoffs.

Accepted Answer

A)  minimax 
B)  maximax 
C)  maximin 
D)  minimin 
A)  minimax 
B)  maximax 
C)  maximin 
D)  minimin

Question 2

Regret is the difference between the payoff from the

Accepted Answer

A)  best decision and all other decision payoffs. 
B)  worst decision and all other decision payoffs. 
C)  best decision and the worst decision payoffs. 
D)  none of the above 
A)  best decision and all other decision payoffs. 
B)  worst decision and all other decision payoffs. 
C)  best decision and the worst decision payoffs. 
D)  none of the above

Question 3

$$\begin{array} { | c | c | c | c | } 
\hline & \text { s1 } & \text { s2 } & \text { s3 } \
\hline \mathrm { d } _ { 1 } & 10 & 8 & 6 \
\hline \mathrm { d } _ { 2 } & 14 & 15 & 2 \
\hline \mathrm { d } _ { 3 } & 7 & 8 & 9 \
\hline
\end{array}$$ 
What decision should be made under minimax regret?

Accepted Answer

The answer of \[\begin{array} { | c | c |...

Question 4

The ________ method uses probabilities to determine the best strategy for each player.

Accepted Answer

The answer of The ________ method uses probabilities to determine...

Question 5

Two companies are about to make a decision regarding an investment in a new promotional campaign. Company A will either advertise in all media or advertise in newspapers only. Company B will either run a sweepstake or run a big sale. The payoff matrix is shown below. $\begin{array} { l l c c } 
\hline && { \text { Company B } } \
&& \mathrm { B } _ { 1 } : \text { Run a } & \mathrm { B } _ { 2 } : \text { Run a } \
&& \text { sweepstakes } & \text { big sale } \
\hline & \begin{array} { l } 
\text { A1: Advertise } \
\text { in all media }
\end{array} & 4 &-1 \
\text { Company A } & \begin{array} { l } 
\text { A2: Advertise } \
\text { in newspapers only }
\end{array} & - 2 & 1 \
\hline
\end{array}$ 
Determine the value of the game.

Accepted Answer

The answer of Two companies are about to make a...

Question 6

Construct the payoff matrix for the game, "rock, paper, scissors" for 2 players, A and B. Assume that "paper covers rock", "rock breaks scissors," and "scissors cut paper." If player A wins, assign +1. If player A loses, assign -1.

Accepted Answer

The answer of Construct the payoff matrix for the game,...

Question 7

$$\begin{array} { | l | c | c | c | } 
\hline & s _ { 1 } & s _ { 2 } & s _ { 3 } \
\hline \mathrm { d } _ { 1 } & 250 & 750 & 500 \
\hline \mathrm { d } _ { 2 } & 300 & - 250 & 1200 \
\hline \mathrm { d } _ { 3 } & 500 & 500 & 600 \
\hline
\end{array}$$ 
What decision should be made under minimax regret?

Accepted Answer

The answer of \[\begin{array} { | l | c |...

Question 8

$$\begin{array} { | c | c | c | c | } 
\hline & \text { s1 } & \text { s2 } & \text { s3 } \
\hline \mathrm { d } _ { 1 } & 10 & 8 & 6 \
\hline \mathrm { d } _ { 2 } & 14 & 15 & 2 \
\hline \mathrm { d } _ { 3 } & 7 & 8 & 9 \
\hline
\end{array}$$ 
If the probabilities of s1, s2, and s3 are 0.2, 0.4, and 0.4, respectively, then what decision should be made under expected value?

Accepted Answer

Ev(d₁ )=7

Question 9

In a game situation, it is assumed that the payoff table is known to all players.

Accepted Answer

A) True 
 B)False

Question 10

The value of the game is the offensive player's gain and the defensive player's loss in a zero-sum game.

Accepted Answer

A) True 
 B)False

Question 11

In a(n) ________ game, players switch decisions in response to the decision of the other player and eventually return to the initial decisions, resulting in a closed loop.

Accepted Answer

The answer of In a(n) ________ game, players switch decisions...

Question 12

In a zero sum game one player's gains represent another's exact

Accepted Answer

A)  gains. 
B)  losses. 
C)  gains and losses. 
D)  gains or losses. 
A)  gains. 
B)  losses. 
C)  gains and losses. 
D)  gains or losses.

Question 13

Two companies are about to make a decision regarding an investment in a new promotional campaign. Company A will either advertise in all media or advertise in newspapers only. Company B will either run a sweepstake or run a big sale. The payoff matrix is shown below. $\begin{array} { l l c c } 
\hline && { \text { Company B } } \
&& \mathrm { B } _ { 1 } : \text { Run a } & \mathrm { B } _ { 2 } : \text { Run a } \
&& \text { sweepstakes } & \text { big sale } \
\hline & \begin{array} { l } 
\text { A1: Advertise } \
\text { in all media }
\end{array} & 4 &-1 \
\text { Company A } & \begin{array} { l } 
\text { A2: Advertise } \
\text { in newspapers only }
\end{array} & - 2 & 1 \
\hline
\end{array}$
 Determine the proportion of time that Company A should employ each strategy.

Accepted Answer

A)  A1: 12.5%, A2: 87.5% 
B)  A1: 25%, A2: 75% 
C)  A1: 37.5%, A2: 62.5% 
D)  A1: 50%, A2: 50% 
E)  A1: 62.5%, A2: 37.5% 
A)  A1: 12.5%, A2: 87.5% 
B)  A1: 25%, A2: 75% 
C)  A1: 37.5%, A2: 62.5% 
D)  A1: 50%, A2: 50% 
E)  A1: 62.5%, A2: 37.5%

Question 14

The local operations manager for the IRS must decide whether to hire one, two, or three temporary workers. He estimates that net revenues will vary with how well taxpayers comply with the new tax code. $$\begin{array} { c c c c } 
\text { \# of Workers } & \begin{array} { c } 
\text { Low } \
\text { Compliance }
\end{array} & \begin{array} { c } 
\text { Medium } \
\text { Compliance }
\end{array} & \begin{array} { c } 
\text { High } \
\text { Compliance }
\end{array} \
\hline 1 & 50 & 50 & 50 \
2 & 100 & 60 & 20 \
3 & 150 & 70 & - 10 \
\hline
\end{array}$$ 
If he uses the maximin criterion, how many new workers will he hire?

Accepted Answer

The answer of The local operations manager for the IRS...

Question 15

$$\begin{array} { | l | c | c | c | } 
\hline & s _ { 1 } & s _ { 2 } & s _ { 3 } \
\hline \mathrm { d } _ { 1 } & 250 & 750 & 500 \
\hline \mathrm { d } _ { 2 } & 300 & - 250 & 1200 \
\hline \mathrm { d } _ { 3 } & 500 & 500 & 600 \
\hline
\end{array}$$ 
What decision should be made by the conservative decision maker?

Accepted Answer

The answer of \[\begin{array} { | l | c |...

Question 16

Game theory addresses decision situations with two or fewer decision makers in competition.

Accepted Answer

A) True 
 B)False

Question 17

With the ________ criterion each player seeks to minimize maximum possible losses.

Accepted Answer

A)  minimax 
B)  maximax 
C)  minimin 
D)  maximin 
A)  minimax 
B)  maximax 
C)  minimin 
D)  maximin

Question 18

The expected value and expected opportunity loss criteria result in

Accepted Answer

A)  the same decision. 
B)  different decisions. 
C)  similar decisions. 
D)  all of the above 
A)  the same decision. 
B)  different decisions. 
C)  similar decisions. 
D)  all of the above

Question 19

A strategy is ________ and can be eliminated if all its payoffs are worse than the corresponding payoffs for another strategy.

Accepted Answer

The answer of A strategy is ________ and can be...

Question 20

Mary Schultz is the incumbent senator from Ohio and John Henderson is her opponent in the upcoming election. Since Mr. Henderson is seeking to unseat Ms. Schultz, he is on the offensive, while Ms. Schultz hopes to minimize his gains or her losses in the election. The following payoff table shows the various percentage point gains/losses in the polls for the two candidates based on their selection of certain political strategies. $$\begin{array} { l c c c } 
& & { \text { Mary Schult'z Defensive Strategies } } \
& & \text { Strategy A } & \text { Strategy B } \
\hline \text { John Henderson's } & \text { Strategy 1 } & 7 & 3 \
\text { Offensive Strategies } & \text { Strategy 2 } & 6 & 10 \
\hline
\end{array}$$ 
Use the expected gain and loss method and determine the equilibrium point.

Accepted Answer

The answer of Mary Schultz is the incumbent senator from...

The ________ criterion results in the maximum of the minimum payoffs.

Regret is the difference between the payoff from the

s1 s2 s3 10 8 6 14 15 2 7 8 9 What decision should be made under minimax regret?

The ________ method uses probabilities to determine the best strategy for each player.

Construct the payoff matrix for the game, "rock, paper, scissors" for 2 players, A and B. Assume that "paper covers rock", "rock breaks scissors," and "scissors cut paper." If player A wins, assign +1. If player A loses, assign -1.

250 750 500 300 -250 1200 500 500 600 What decision should be made under minimax regret?

s1 s2 s3 10 8 6 14 15 2 7 8 9 If the probabilities of s1, s2, and s3 are 0.2, 0.4, and 0.4, respectively, then what decision should be made under expected value?

In a game situation, it is assumed that the payoff table is known to all players.

The value of the game is the offensive player's gain and the defensive player's loss in a zero-sum game.

In a(n) ________ game, players switch decisions in response to the decision of the other player and eventually return to the initial decisions, resulting in a closed loop.

In a zero sum game one player's gains represent another's exact

250 750 500 300 -250 1200 500 500 600 What decision should be made by the conservative decision maker?

Game theory addresses decision situations with two or fewer decision makers in competition.

With the ________ criterion each player seeks to minimize maximum possible losses.

The expected value and expected opportunity loss criteria result in

A strategy is ________ and can be eliminated if all its payoffs are worse than the corresponding payoffs for another strategy.

Management Science

Linear Programming: Model Formulation and Graphical Solution

Linear Programming: Computer Solution and Sensitivity Analysis

Linear Programming: Modeling Examples

Integer Programming

Transportation, Transshipment, and Assignment Problems

Network Flow Models

Project Management

Multicriteria Decision Making

Nonlinear Programming

Probability and Statistics

Decision Analysis

Queuing Analysis

Simulation

Forecasting

Inventory Management

the Simplex Solution Method

Transportation and Assignment Solution Methods

Integer Programming: the Branch and Bound Method

Nonlinear Programming: Solution Techniques

Markov Analysis

Filters

Exam 21: Game Theory

The ________ criterion results in the maximum of the minimum payoffs.

Regret is the difference between the payoff from the

s1 s2 s3 10 8 6 14 15 2 7 8 9 What decision should be made under minimax regret?

The ________ method uses probabilities to determine the best strategy for each player.

Construct the payoff matrix for the game, "rock, paper, scissors" for 2 players, A and B. Assume that "paper covers rock", "rock breaks scissors," and "scissors cut paper." If player A wins, assign +1. If player A loses, assign -1.

250 750 500 300 -250 1200 500 500 600 What decision should be made under minimax regret?

s1 s2 s3 10 8 6 14 15 2 7 8 9 If the probabilities of s1, s2, and s3 are 0.2, 0.4, and 0.4, respectively, then what decision should be made under expected value?

In a game situation, it is assumed that the payoff table is known to all players.

The value of the game is the offensive player's gain and the defensive player's loss in a zero-sum game.

In a(n) ________ game, players switch decisions in response to the decision of the other player and eventually return to the initial decisions, resulting in a closed loop.

In a zero sum game one player's gains represent another's exact

250 750 500 300 -250 1200 500 500 600 What decision should be made by the conservative decision maker?

Game theory addresses decision situations with two or fewer decision makers in competition.

With the ________ criterion each player seeks to minimize maximum possible losses.

The expected value and expected opportunity loss criteria result in

A strategy is ________ and can be eliminated if all its payoffs are worse than the corresponding payoffs for another strategy.

Management Science

Linear Programming: Model Formulation and Graphical Solution

Linear Programming: Computer Solution and Sensitivity Analysis

Linear Programming: Modeling Examples

Integer Programming

Transportation, Transshipment, and Assignment Problems

Network Flow Models

Project Management

Multicriteria Decision Making

Nonlinear Programming

Probability and Statistics

Decision Analysis

Queuing Analysis

Simulation

Forecasting

Inventory Management

the Simplex Solution Method

Transportation and Assignment Solution Methods

Integer Programming: the Branch and Bound Method

Nonlinear Programming: Solution Techniques

Markov Analysis

Filters