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- Determine the two best decision alternatives by a pessimistic decision maker. Decision dl d2 d3 d4 d2 and d4 Od1 and d4 Od1 and d2 d3 and d4 States of Nature $1 320 280 d1 and d3 170 450 $2 425 -160 100 220 83 -150 160 325 -175Which types of decisions should the decision trees be used to address for?When are decision trees useful?
- Identify the five steps in analyzing a problem using a decision tree?A decision tree is a graphic display of the decision process that indicates decision alternatives, states of nature and their respective probabilities, and payoffs for each combination of alternative and states of nature. O True O False * Previous Next ► MacBook Air 000 000 DD F7 セゴ F5 $ & レ 9 * 00Explain all, please Match the following decision making definition to one of the following concepts: (Consensus Decision, Pro/Con Listing, Plurality Decision, Preference Trees, Flipism, Majority Decision, Range Voting, Prioritization or Satisficing) 1. Outlining the costs and benefits of a decision 2. Only considering options until the first acceptable one is presented 3. Listing goals in rank order 4. Progressively paring-back a complicated decision by dealing with one problem at a time 5. Making a decision by using some random method
- What are the probabilities in a decision problem called that are computed from the prior probabilities using Bayes Theorem? posterior probabilities O binomial probabilities O none of the other choices O one-step transition probabilities « Previous Next SimpfunOutline and discuss the elements of a probabilistic decision model.List the main shortcomings of this approach to decision making.How can decision trees be used to make decisions under uncertainty?
- Review the six-step decision-making process outlined below, then answer the question that follows. Step 1: Define the problem Step 2: Identify alternatives to the problem Step 3: Evaluate the identified alternatives Step 4: Make the decision Step 5: Implement the decision Step 6: Evaluate the decision A customer is frequently slow in paying invoices—sometimes as late as 30 days. Is this because (1) he does not manage his books well, (2) he is trying to conserve his working capital as long as possible, or (3) his own customers are often slow in paying him for the goods he sells them? Consider that there may be another explanation as well. Based on your ethical concerns, use the six-step decision-making process to arrive at a solution. Explain your reasoning for each of these steps.Describe how decision analysis is similar to and different from simulation analysis and scenario analysis (at least 75 words)Is decision tree based on a linear combination of parameters ?