Question 1

States of nature

Accepted Answer

A) can describe uncontrollable natural events such as floods or freezing temperatures. 
B) can be selected by the decision maker. 
C) cannot be enumerated by the decision maker. 
D) All of the alternatives are true. 
A) can describe uncontrollable natural events such as floods or freezing temperatures. 
B) can be selected by the decision maker. 
C) cannot be enumerated by the decision maker. 
D) All of the alternatives are true.

Question 2

Which of the following approaches to decision making requires knowledge of the probabilities of the states of nature?

Accepted Answer

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

Question 3

Circular nodes in a decision tree indicate that it would be incorrect to choose a path from the node.

Accepted Answer

A) True 
 B)False

Question 4

Which of the methods for decision making best protects the decision maker from undesirable results?

Accepted Answer

A) the optimistic approach 
B) the conservative approach 
C) minimum regret 
D) minimax regret 
A) the optimistic approach 
B) the conservative approach 
C) minimum regret 
D) minimax regret

Question 5

Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores.Information on pricing,sales,and inventory costs has led to the following payoff table,in thousands.
​
​
   
a.What decision should be made by the optimist?
b.What decision should be made by the conservative?
c.What decision should be made using minimax regret?

Accepted Answer

​
 a. 3 lots
1 lot
c. 3 lots

Regret Tab

Question 6

​Decision tree probabilities refer to the probability of

Accepted Answer

A) ​an uncertain event occurring. 
B) ​the decision being made. 
C) ​finding an optimal value. 
D) ​overlooked choices. 
A) ​an uncertain event occurring. 
B) ​the decision being made. 
C) ​finding an optimal value. 
D) ​overlooked choices.

Question 7

Square nodes in a decision tree indicate that a decision must be made.

Accepted Answer

A) True 
 B)False

Question 8

A payoff table is given as
​
   
a.What decision should be made by the optimistic decision maker?
b.What decision should be made by the conservative decision maker?
c.What decision should be made under minimax regret?
d.​
If the probabilities of s1,s2,and s3 are .2,.4,and .4,respectively,then what decision should be made under expected value?
e.What is the EVPI?

Accepted Answer

a. @#LAT-DLM&
b. @#LAT-DLM&
c. a three w

Question 9

​Which of the following is not an advantage of using decision tree analysis?

Accepted Answer

A) ​the ability to see clearly what decisions must be made 
B) ​the ability to see clearly in what sequence the decisions must occur 
C) ​the ability to see clearly the interdependence of decisions 
D) ​the ability to see clearly the future outcome of a decision 
A) ​the ability to see clearly what decisions must be made 
B) ​the ability to see clearly in what sequence the decisions must occur 
C) ​the ability to see clearly the interdependence of decisions 
D) ​the ability to see clearly the future outcome of a decision

States of nature

Which of the following approaches to decision making requires knowledge of the probabilities of the states of nature?

Circular nodes in a decision tree indicate that it would be incorrect to choose a path from the node.

Which of the methods for decision making best protects the decision maker from undesirable results?

Decision tree probabilities refer to the probability of

Square nodes in a decision tree indicate that a decision must be made.

Which of the following is not an advantage of using decision tree analysis?

Introduction

Introduction to Probability

Probability Distributions

Utility Game Theory

Time Series Analysis Forecasting

Intro to Linear Programming

LP Sensitivity Analysis

LP Applications

Distribution Network Models

Integer Linear Programming

Advanced Optimization Applications

Project Scheduling

Inventory Models

Waiting Line Models

Simulation

Markov Processes

Filters

Exam 4: Decision Analysis

States of nature

Which of the following approaches to decision making requires knowledge of the probabilities of the states of nature?

Circular nodes in a decision tree indicate that it would be incorrect to choose a path from the node.

Which of the methods for decision making best protects the decision maker from undesirable results?

​Decision tree probabilities refer to the probability of

Square nodes in a decision tree indicate that a decision must be made.

​Which of the following is not an advantage of using decision tree analysis?

Introduction

Introduction to Probability

Probability Distributions

Utility Game Theory

Time Series Analysis Forecasting

Intro to Linear Programming

LP Sensitivity Analysis

LP Applications

Distribution Network Models

Integer Linear Programming

Advanced Optimization Applications

Project Scheduling

Inventory Models

Waiting Line Models

Simulation

Markov Processes

Filters

Decision tree probabilities refer to the probability of

Which of the following is not an advantage of using decision tree analysis?