1. A person who organizes a business and then runs it is called a(n) _____.
Answer
Correct Answer:
Entrepreneur
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2. One goal of tqm is to focus on _____ rather than _____ of problems
Answer
Correct Answer:
Prevention; correction.
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3. ______ is the potential that a decision made will lead to undesirable outcomes.
Answer
Correct Answer:
Risk
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4. According to the ______, if the probabilities of the states of nature are unknown, we should assume they are equal, and the different decision alternatives should be evaluated using the expected value of their payoffs.
Answer
Correct Answer:
Laplace criterion
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5. ______ is a technique used for making sequential decisions that allows the decision maker to visually map each possible decision alternative to determine the best decision.
Answer
Correct Answer:
Decision tree
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6. ______ is the art and science of formal decision making.
Answer
Correct Answer:
Decision analysis
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7. ______ are future events or occurrences that can take place that are beyond the control of the decision maker.
Answer
Correct Answer:
States of nature
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8. ______ is the difference between the expected value of the decision with perfect information and the expected value of the decision without perfect information.
Answer
Correct Answer:
Expected value of perfect information
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9. A decision maker may use the ______ when the negative impact of making the wrong decision is so high that he or she chooses that alternative that guarantees at least the minimum payoff.
Answer
Correct Answer:
Maximin criterion
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10. ______ is not a good method to use when the underlying states of nature are not equally probable.
Answer
Correct Answer:
Laplace criterion
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11. The ______ is the weighted average of the values of all of possible outcomes of the decision.
Answer
Correct Answer:
Expected value
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12. The ______ incorporates the concept of remorse into decisions made under uncertainty.
Answer
Correct Answer:
Minimax regret criterion
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13. ______ is the positive or negative values (monetary or nonmonetary) a decision maker places on each combination of actual decisions and states of nature.
Answer
Correct Answer:
Payoff
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14. In ______ the decision maker is optimistic about the future events and their outcomes.
Answer
Correct Answer:
Maximax criterion
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15. The ______ is a decision-making approach that attempts to find a compromise between the two extremes posed by the pessimistic maximin criterion and the optimistic maximax criterion.
Answer
Correct Answer:
Hurwicz criterion
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16. A ______ will provide a range of values over which one decision alternative is preferred to others.
Answer
Correct Answer:
Sensitivity analysis
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17. ______ offers both individuals and organizations a framework, specific methodologies, and tools to identify and analyze uncertain events, risk factors, and possible outcomes to reach optimal decisions.
Answer
Correct Answer:
Decision analysis
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18. States of nature an take place that are beyond the control of the decision maker
Answer
Correct Answer:
True
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19. ______ determine how sensitive a decision alternative is to changes in the probability values of the states of nature
Answer
Correct Answer:
Sensitivity analysis
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20. Payoff is the positive or negative values (monetary or nonmonetary) a decision maker places on each combination of actual decisions and states of nature
Answer
Correct Answer:
True
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21. Minimax regret criterion a ______ approach that attempts to minimize the regret, or loss, associated with making an optimal decision
Answer
Correct Answer:
Decision-making
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22. Maximin criterion is a decision-making approach used when the________impact of making the wrong decision is so high
Answer
Correct Answer:
Negative
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23. Maximax criterion identifies the maximum payoff associated with each decision, and chooses the maximum of the maximum payoffs
Answer
Correct Answer:
True
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24. Which of the correct statements about Laplace criterion?
Answer
Correct Answer:
A decision-making approach used when the probabilities of the states of nature are unknown and assumed as equal
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25. Which of the following might be viewed as an optimistic decision criterion?
Answer
Correct Answer:
Maximax
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26. The difference between the expected value of the decision with perfect information and the expected value of the decision without perfect information is known as
Answer
Correct Answer:
Expected value of perfect information
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27. EV stands for(in operational management )
Answer
Correct Answer:
Expected value
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28. The expected value of regret associated with each decision is also known as
Answer
Correct Answer:
Expected regret
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29. Decisions under uncertainty decision maker cannot even make an educated guess about the chances, or probabilities, of their occurring
Answer
Correct Answer:
True
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30. _______ scenario falls between the two extremes of certainty and uncertainty
Answer
Correct Answer:
Decisions under risk
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31. Which of the correct statements about Decisions under certainty?
Answer
Correct Answer:
Both b & c
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32. Which technique is used for making sequential decisions that allows the decision maker to map ?
Answer
Correct Answer:
Decision tree
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