Decision trees use:a) probabilities.b) payoffs.c) logic.d) options.e) all of the above.
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Decision trees use:
a) probabilities.
b) payoffs.
c) logic.
d) options.
e) all of the above.
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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.Describe how decision analysis is similar to and different from simulation analysis and scenario analysis (at least 75 words)22. Which of the following factors will affect decision making? A. The time available to make the decision. B. The effort that a given strategy will involve.C. The decision maker’s knowledge about the environment.D. The importance of making an accurate decision.
- Select the least accurate statement. A) The expected monetary value (EMV) criterion represents the long-run average of uncertain outcomes, so it should only be used for recurring decisions. b) For each possible decision and each possible outcome, the payoff table lists the associated monetary value. c)The certainty equivalent is the certain dollar amount a risk-averse decision maker would accept in order to avoid a gamble altogether. D) For a risk-averse decision maker, the certainty equivalent is less than the expected monetary value (EMV).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 aboveWhich 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
- 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 methodAn optimistic decision-making criterion is sometimes called: a. equally like criterion b. decision making under certainty c. maximin criterion d. maximax criterionNeed answer fast - In a decision problem under uncertainty where Return-On-Investment (ROI) is the objective pursued, valid decision criteria are (check all that applies) (a) Maximin Regret (b) Minimin (c) Maximax (d) Minimax.
- 3 All of the following steps are a part of the decision-making process except : Select one: a. Analyzing options. b. Developing options. c. Implementing the decision. d. Defining the situation. e. Delegating the decision.Create a step-by-step excel, using the solver engine to generate the decision variablesolution. Generate an ANSWER REPORT and a SENSITIVITY REPORT. I WILL UPVOTE. THANK YOUWhat 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