A BIP problem considers one yes-or-no decision at a time with the objective of choosing the best alternative.True or FalseTrueFalse

Linear programming is a mathematical technique that is also used in operations management…

Answered: A BIP problem considers one yes-or-no…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section: Chapter Questions

Problem 76P

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The model in Example 9.3 has only two market outcomes, good and bad, and two corresponding predictions, good and bad. Modify the decision tree by allowing three outcomes and three predictions: good, fair, and bad. You can change the inputs to the model (monetary values and probabilities) in any reasonable way you like. Then you will also have to modify the Bayes rule calculations. You can decide whether it is easier to modify the existing tree or start from scratch with a new tree.
You now have 5000. You will toss a fair coin four times. Before each toss you can bet any amount of your money (including none) on the outcome of the toss. If heads comes up, you win the amount you bet. If tails comes up, you lose the amount you bet. Your goal is to reach 15,000. It turns out that you can maximize your chance of reaching 15,000 by betting either the money you have on hand or 15,000 minus the money you have on hand, whichever is smaller. Use simulation to estimate the probability that you will reach your goal with this betting strategy.
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 Simpfun
Which type of decision making is exemplified by the use of a decision tree with an expected-value criterion? decision making under uncertainty decision making under certainty decision making under risk none of the other choices « Previous Not saved Simpfun
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
A decision tree Group of answer choices None of these statements. presents all decision alternatives first and follows them with all states of nature. All of these statements. presents all states of nature first and follows them with all decision alternatives. arranges decision alternatives and states of nature in their natural chronological order. alternates the decision alternatives and states of nature.
The Decision Variables in a What If analysis provide the limitations for each variable. True False
Problem Solving. The JSM company has been approached by an individual who has an idea for a new product. He wants to sell this idea for P32, 000. If the idea is purchased, the product must be developed. The company can develop the product at a cost of P64,000, and there is a 50% chance that they can develop the product. TMJ INDUSTRY has offered to develop the product. It will also cost P65,000, but they are only 40% certain that they can develop the product. No charge will be levied unless the job is successful. If the product is developed, it must be advertised. There are two plans for the advertisement. Plan A which costs P55,000 with 75% chances of success and Plan B which cost P38,000 with a 50% probability of success. The management believes that if the product is a success, the return will be P50 million. a) Should JSM purchase the idea?b.) who should develop the product?c.) which plan of advertisement should be adopted?
What is the major disadvantage to the expected value criterion in a decision tree? none of the other choices creating a correct decision tree modeling the decision process designing experiments to get posterior probabilities Expected values work best for a decision made many times. « Previous Not Simpfun
Uncontrollable inputs are the decision variables for a model Select one : True or false
Identify each of the following examples as a programmed or nonprogrammed decision. Example Determining when to pay taxes Determining whether or not to ground an entire fleet of airplanes after one similar airplane has had an accident Identify the order in which the following steps are taken in the decision-making process. Step Monitoring the outcomes of a decision to see if it meets its objective Gathering information relevant to the problem Recognizing the problem Selecting the alternative that best meets the decision objective Listing and evaluating alternative courses of action Implementing the decision Identifying the objective of the decision Order 7 2 ▼ 1 ▼ 5 ▼ 4 ▼ 6 3 ▼ Programmed Decision Nonprogrammed Decision
In decision making process, the worst alternative is the one which have a. More negatives with less positives b. Less positives with less negatives c. More positives with less negatives d. More positives with more negatives

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