Week 7 Notes

What is the final value of the decision tree?

34- The process of decision making starts with: a. Diagnosing the problem b. Identification of the problem c. Developing alternatives d. Selecting the best alternative

Salvatore, in his quest for a new car, has narrowed down his options to four possibilities. He considers each car against his own criteria. In which of the following decision-making process activities is Salvatore engaging?a.Search for informationb.Choicec.Evaluation of alternativesd.Need recognitione.Postchoice evaluationThe Smiths do their groceries every weekend. Mrs. Smith starts off by making a list of requirements for the entire family over the week. She never forgets to replenish their stock of Caribbean coffee as her husband, a writer, generally feels groggy and sleepy after lunch in the afternoon. The coffee keeps him awake at such times. Fruits are a “must-buy” for the family. Everyone, including their three children loves apples. However, Mrs. Smith refrains from buying apples when they are not in season as they tend to be more expensive. This weekend, she bought a new brand of pasta that her children insisted on buying as they were tempted…

35 *:A criticism of the rational choice model of decision making is-17 Ajthat it is never followed in practice. O B)that it is too complex for people in organisations to understand. C)the assumption that decision makers have unlimited resources to search for and process information. Djall of the above O

Read the decisions below and identify which type of decision (Structured, Semi Structured, Unstructured) each one is. Decision Decision Structure (Structured, Semi Structured, Unstructured) The process of hirng a new employee in a company. A company deciding to close all physical shops and selling only online. Because of the Covid 19 Pandemic most companies allowed employees to work from home. Restocking inventory when products run out.

Which of the following is the fourth step in the decision making process?   a.Identify decision criteria b.Allocating weight to each criteria c.Developing Alternatives d.Selecting Alternative

A decision-maker typically uses the 7 measures to implement management science tools. What are these? What are they? Lists each move and provide examples.Requirement: the explanations should be a case or a situation

Why would a manager prefer a decision tree instead of a decision table?

1. Discuss the process you would  employ to develop a suitable  balanced scorecard for a tourist site organization and give examples of measures that would be incorporated within it.   2. Discuss how break even analysis can aid management in decision-making.   3. Discuss the practical difficulties associated with the use of breakeven analysis by managers in decision-making.

Explain 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

Answer A.2 a-e a-c is in the picture here is d and e  d) What is the qually likely decision? e) Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV.

Describe a business situation in which a Two-sample Test for the Difference in Means would support decision-making.  Please do not use examples from the textbook.

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.

Which types of decisions should the decision trees be used to address for?

28 When managers make decisions that are objective and for the best interest of the firm instead himself/herself, they are following the concept of A) escalation of commitment B) bounded rational decision making C) rational decision making D) intuitive decision making E) none of the above

Describe how decision analysis is similar to and different from simulation analysis and scenario analysis (at least 75 words)

Answer the following MCQ questions.  1) When Delroy draw on well-developed procedures in his job of grocery store inventory clerk to determine which products to stock first, he is making which type of decision? a) Tactical b) Programmed c) Operational d) Non-Programmed 2) Identifying a problem and matching it with established routines and procedures for resolving it is a ? a) Tactical decision b) Programmed decision c) Operational decision d) Non-Programmed decision 3) Crystal is a marketing manager who is deciding how to allocate the financial resources among three different product launches over the next three months years. Crystal is making a ? a) Strategic decision b) Operational decision c) Tactical decision d) Opportunistic decision

A step in decision-making process which involves a manager uncover the risks involved or difficulties which need to be overcome when implementing the options. *     Step 7: Select the options to pursue       Step 8: Analyze the risks       Step 5: Establish decision-making criteria       Step 6: Evaluate the options against the criteria

Construct a decision tree and answer the following questions:   What is the EMV of each decision alternative? Which action should be selected?  What is the expected value with perfect information?  What is the expected value of perfect information?

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 * 00

Business decision support systems, sometimes known as DSSs, provide assistance in making choices that require many steps.Describe the many components that make up the DSS. In what ways does DSS modify IT?

When Delroy draws on well-developed procedures in his job of grocery store inventory clerk to determine which products to stock first, he is making which type of decision?   a. Tactical decision b. Programmed decision c. Operational decision d. Non-programmed decision

In essay form, What is a decision tree?

You are on the lookout for a new smartphone after your old unit has gone kaput. Given so many brands available in the market, you were confused and undecided about the purchase to give you the optimum solution. a. Illustrate the EIGHT (8) steps of decision making graphically as suggested in the Decision-Making Process model.

9- Majid is framing the decisions that will contribute significantly to the achievement of company objectives.The above statement refers to which of the following? a. Majid is framing strategic decisions b. Majid is framing simple decisions c. Majid is framing minor decision d. Majid is framing operational decisions

Choose the letter of the correct answer on each questions being asked for each case 1. If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using MAXIMAX CRITERION? D1 D2 D3 D4   2. What decision alternative will he choose if using MAXIMIN CRITERION?   D1 D2 D3 D4   3. What about MINIMAX REGRET CRITERION?   D1 D2 D3 D4   4. What decision would he make if using criterion of realism at alpha 0.6 is used?    D1 D2 D3 D4