25 May Question 31) A second table (an opportunity loss table) must be computed when applying
Question
31) A second table (an opportunity loss table) must be computed when applying the maximin decision criterion.
32) The following figure illustrates a utility curve for someone who is a risk seeker.
33) An analytic and systematic approach to the study of decision making is referred to as
A) decision making under risk.
B) decision making under uncertainty.
C) decision theory.
D) decision analysis.
E) decision making under certainty.
34) What makes the difference between good decisions and bad decisions?
A) A good decision is based on logic.
B) A good decision considers all available data.
C) A good decision considers all alternatives.
D) A good decision applies quantitative approaches.
E) All of the above
35) Expected monetary value (EMV) is
A) the average or expected monetary outcome of a decision if it can be repeated a large number of times.
B) the average or expected value of the decision, if you know what would happen ahead of time.
C) the average or expected value of information if it were completely accurate.
D) the amount you would lose by not picking the best alternative.
E) a decision criterion that places an equal weight on all states of nature.
36) Which of the following is not considered a criteria for decision making under uncertainty?
A) optimistic
B) pessimistic
C) equally likely
D) random selection
E) minimax regret
37) A pessimistic decision making criterion is
A) maximax.
B) equally likely.
C) maximin.
D) decision making under certainty.
E) minimax regret.
38) Which of the following is true about the expected value of perfect information?
A) It is the amount you would pay for any sample study.
B) It is calculated as EMV minus EOL.
C) It is calculated as expected value with perfect information minus maximum EMV.
D) It is the amount charged for marketing research.
E) None of the above
39) Which of the following is not a characteristic of a good decision?
A) based on logic
B) considers all available data
C) considers all possible alternatives
D) employs appropriate quantitative techniques
E) always results in a favorable outcome
40) The following is a payoff table giving profits for various situations.
What decision would an optimist make?
A) Alternative 1
B) Alternative 2
C) Alternative 3
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