> > Supply Chain Management Engineering MCQs > Decision Making MCQs

Decision Making MCQ

1. Title ix, which required equal opportunity for girls and women in sport, was passed in __________.

1958

1964

1972

1979

1983

Answer

Correct Answer: 1972

Note: This Question is unanswered, help us to find answer for this one

2. What is the best payoff for the most likely future conditions?

The best payoff regardless of future conditions.

The worst payoff for the most likely future conditions.

The best payoff for the least likely future conditions.

There is no best payoff for the most likely future conditions.

Answer

Correct Answer: The best payoff regardless of future conditions.

Note: This Question is unanswered, help us to find answer for this one

3. What is the relationship called that identifies the maximum output that can be produced by a specified input?

Maximum Production Function

Average Production Function

Optimal Production Function

Minimum Production Function

Answer

Correct Answer: Optimal Production Function

Note: This Question is unanswered, help us to find answer for this one

4. What does "optimal" mean?

Best, highest utility

Cheapest

Most common

Easiest

Answer

Correct Answer: Best, highest utility

Note: This Question is unanswered, help us to find answer for this one

5. What is Opportunity Cost?

The cost of an activity in terms of the money spent on it.

The cost of an activity in terms of the time spent on it.

The cost of an activity in terms of the resources used.

The cost of an activity in terms of foregone or sacrificed next best alternative uses of the assets involved.

Answer

Correct Answer: The cost of an activity in terms of foregone or sacrificed next best alternative uses of the assets involved.

Note: This Question is unanswered, help us to find answer for this one

6. What does the term "Opportunism" refer to?

An absence of principles

A lack of morality

The ability to take advantage of a situation

The suggestion that a decision-maker may unconditionally seek his/her self-interests

Answer

Correct Answer: The suggestion that a decision-maker may unconditionally seek his/her self-interests

Note: This Question is unanswered, help us to find answer for this one

7. What does the term "Opportunism" refer to in the context of business?

A business opportunity

The study of business opportunities

The proposition that a decision-maker may unconditionally seek his/her self-interests, and that such behavior cannot necessarily be predicted.

A strategy to take advantage of a situation

Answer

Correct Answer: The proposition that a decision-maker may unconditionally seek his/her self-interests, and that such behavior cannot necessarily be predicted.

Note: This Question is unanswered, help us to find answer for this one

8. What is the objectivist position?

Data-based analysis is not important

Relies on human judgment rather than data-based analysis

Relies on data-based analysis rather than on human judgment.

Objectivism is not a valid position

Answer

Correct Answer: Relies on data-based analysis rather than on human judgment.

Note: This Question is unanswered, help us to find answer for this one

9. What is the definition of an objective?

A goal that is attainable

A result that is desired

The intentions of the decision process that set out what is to be strived for or sought.

The act of making something more difficult to achieve

Answer

Correct Answer: The intentions of the decision process that set out what is to be strived for or sought.

Note: This Question is unanswered, help us to find answer for this one

10. What is the term used to achieve a specific value for the objective?

Constraint

Objective

Goal

Performance

Answer

Correct Answer: Goal

Note: This Question is unanswered, help us to find answer for this one

11. What is the definition of "objective estimates"?

Qualitative information

Guesses or assumptions about something

Information that is known to be true

Estimates of quantitative information obtained by traditional means, such as accounting systems for costs.

Answer

Correct Answer: Estimates of quantitative information obtained by traditional means, such as accounting systems for costs.

Note: This Question is unanswered, help us to find answer for this one

12. What is the null option?

Null option is when an action is taken and it may be a dummy option.

Null option is when an action is taken and it may not be a dummy option.

Null option is when no action is taken and it may be a dummy option.

Null option is when no action is taken and it may not be a dummy option.

Answer

Correct Answer: Null option is when no action is taken and it may be a dummy option.

Note: This Question is unanswered, help us to find answer for this one

13. What is a Normative statement?

A type of statement that persuades how a decision should be carried out

A type of statement that evaluates how a decision should be carried out

A type of statement that only describes how a decision is being carried out

A type of statement that suggests how a decision should be carried out

Answer

Correct Answer: A type of statement that suggests how a decision should be carried out

Note: This Question is unanswered, help us to find answer for this one

14. What does the word "Norm" mean?

A standard that identifies a level of performance that is expected or required.

A standard that identifies a level of performance that is above average.

A standard that identifies a level of performance that is below average.

A standard that is not binding.

Answer

Correct Answer: A standard that identifies a level of performance that is expected or required.

Note: This Question is unanswered, help us to find answer for this one

15. Why are neural nets useful?

When relationships are non linear and complex.

When a large number of independent factors affect an outcome in a linear and simple fashion.

When a small number of independent factors affect an outcome

When relationships are linear and simple

Answer

Correct Answer: When relationships are non linear and complex.

Note: This Question is unanswered, help us to find answer for this one

16. What is the natural metric of money?

Measure of a real quantity

The physical embodiment of value

A value that does not change over time

A set of universally accepted standards

Answer

Correct Answer: Measure of a real quantity

Note: This Question is unanswered, help us to find answer for this one

17. What is a want?

A location requirement which can be compromised or substituted.

A factor which is open to bargaining or substitution

A factor which cannot be Bargained or substituted

A location requirement which cannot be compromised or substituted

Answer

Correct Answer: A factor which is open to bargaining or substitution

Note: This Question is unanswered, help us to find answer for this one

18. What is the conceptual distinction between musts and wants?

There is no conceptual distinction between musts and wants.

Musts cannot be compromised or substituted while wants are open to bargaining or substitution.

Musts are more important than wants.

Musts are tangible while wants are intangible.

Answer

Correct Answer: Musts cannot be compromised or substituted while wants are open to bargaining or substitution.

Note: This Question is unanswered, help us to find answer for this one

19. What is the multitier evaluation model?

Evaluating choice or uncertainty at different tiers of model

A financial model

A marketing model

A business model

Answer

Correct Answer: Evaluating choice or uncertainty at different tiers of model

Note: This Question is unanswered, help us to find answer for this one

20. What is the multicriteria model?

There is no such thing as a multicriteria model.

A model that only addresses non-conflicting criteria considerations.

A model that addresses both conflicting and non-conflicting criteria considerations.

A model that only addresses conflicting criteria considerations.

Answer

Correct Answer: A model that only addresses conflicting criteria considerations.

Note: This Question is unanswered, help us to find answer for this one

21. What does the multicriteria model do?

Addresses multiple criteria considerations.

Addresses only non-conflicting criteria considerations.

Only addresses conflicting criteria considerations.

Addresses both conflicting and non-conflicting criteria considerations.

Answer

Correct Answer: Only addresses conflicting criteria considerations.

Note: This Question is unanswered, help us to find answer for this one

22. What does Monte-Carlo simulation allow for?

Forecasting

Process optimization

Real options analysis

Modeling of complex problems

Answer

Correct Answer: Modeling of complex problems

Note: This Question is unanswered, help us to find answer for this one

23. What is the purpose of modeling?

To predict the results of a manager's decision

To create a model that is exactly like reality

To understand how changes in the environment impact the decision problem

To make a decision without understanding the consequences

Answer

Correct Answer: To predict the results of a manager's decision

Note: This Question is unanswered, help us to find answer for this one

24. What is a model base?

A quantitative model used to predict market trends.

A mathematical model used to calculate the value of a security.

A statistical model used to forecast future events.

A collection of preprogrammed quantitative models organized as a single unit.

Answer

Correct Answer: A collection of preprogrammed quantitative models organized as a single unit.

Note: This Question is unanswered, help us to find answer for this one

25. What is the process recommended when unknown or competing factions can be identified as stakeholders?

Stakeholder analysis

Mixed-mode decision process

Decision analysis

Process consultation

Answer

Correct Answer: Mixed-mode decision process

Note: This Question is unanswered, help us to find answer for this one

26. What are missed opportunities?

A strategy used to make decisions quickly

A method of decision making that evaluates all possible options

A way to avoid risks when making a decision

Ways of responding to core problems that were overlooked or rejected during a decision process.

Answer

Correct Answer: Ways of responding to core problems that were overlooked or rejected during a decision process.

Note: This Question is unanswered, help us to find answer for this one

27. What is a middleman?

Person or group who helps make decisions.

Person or group who is contacted by the decision-maker.

Person or group dealing with aider on behalf of decision-maker.

Person or group who makes decisions for others.

Answer

Correct Answer: Person or group dealing with aider on behalf of decision-maker.

Note: This Question is unanswered, help us to find answer for this one

28. What is the definition of a middleman?

Person or group who provides aid to a decision-maker.

Person or group who is paid to influence a decision-maker.

Person or group dealing with an aid on behalf of decision-maker.

Person or group who makes decisions on behalf of another person or group.

Answer

Correct Answer: Person or group dealing with an aid on behalf of decision-maker.

Note: This Question is unanswered, help us to find answer for this one

29. What is the strategic or action variable?

The level of output

The level of consumption

The level of production

The price of the good

Answer

Correct Answer: The level of production

Note: This Question is unanswered, help us to find answer for this one

30. What is the strategic or action variable that should be increased to maximize net benefits?

MB = MC

MR = MC

CB = CM

MC = MB

Answer

Correct Answer: MB = MC

Note: This Question is unanswered, help us to find answer for this one

31. What does Marginal Cost refer to?

The addition to total cost resulting from the addition of the first unit of output

The addition to total cost resulting from the addition of the last unit of output

The average cost of production

The cost of producing the last unit of output

Answer

Correct Answer: The addition to total cost resulting from the addition of the last unit of output

Note: This Question is unanswered, help us to find answer for this one

32. What is linear programming?

A mathematical procedure to determine the optimal values of variables that affect a value function

A mathematical procedure to maximize value function

A procedure to solve linear equations

A programming language

Answer

Correct Answer: A mathematical procedure to determine the optimal values of variables that affect a value function

Note: This Question is unanswered, help us to find answer for this one

33. What is the graph of a linear function?

A spiral

A straight line

A zigzag line

A curved line

Answer

Correct Answer: A straight line

Note: This Question is unanswered, help us to find answer for this one

34. What is coherence?

The quality of being interesting and exciting

The quality of being logical and consistent

The quality of being well organized

The quality of being comprehensible

Answer

Correct Answer: The quality of being logical and consistent

Note: This Question is unanswered, help us to find answer for this one

35. Limited coherence:

Some of assessor's judgments are shown logically to be consistent.

Some of assessor's judgments are shown logically to be biased.

Some of assessor's judgments are shown logically to be unrelated.

Some of assessor's judgments are shown logically to be inconsistent.

Answer

Correct Answer: Some of assessor's judgments are shown logically to be consistent.

Note: This Question is unanswered, help us to find answer for this one

36. What is learning?

The ability to use knowledge to complete tasks

Being able to solve problems

Memory

Discovering pitfalls to avoid in future decisions and ways to avoid these pitfalls.

Answer

Correct Answer: Discovering pitfalls to avoid in future decisions and ways to avoid these pitfalls.

Note: This Question is unanswered, help us to find answer for this one

37. Which of the following is not a type of learning?

Learning one

Single-loop learning

Learning to learn

Double-loop learning

Answer

Correct Answer: Learning to learn

Note: This Question is unanswered, help us to find answer for this one

38. What is the LaPlace decision rule?

The valuation of alternatives is a function of the likelihood of future conditions.

The valuation of alternatives is a function of the payoffs under future conditions.

The valuation of alternatives is a function of the payoffs under each future condition.

The valuation of alternatives is an average of the payoffs under each future condition.

Answer

Correct Answer: The valuation of alternatives is an average of the payoffs under each future condition.

Note: This Question is unanswered, help us to find answer for this one

39. What is the categories of knowledge?

Explicit, unorganized, aggregate

Structured, unstructured, implied

Unstructured, structured, explicit or tacit

Unconscious, conscious, aggregate

Answer

Correct Answer: Unstructured, structured, explicit or tacit

Note: This Question is unanswered, help us to find answer for this one

40. Which of the following refers to knowledge that is unstructured and understood, but not clearly expressed?

Tacit knowledge

Structured knowledge

Explicit knowledge

Implicit knowledge

Answer

Correct Answer: Implicit knowledge

Note: This Question is unanswered, help us to find answer for this one

41. What is knowledge enriched assessment?

A method of assessment that uses knowledge to improve the assessment process.

Improved by new knowledge.

A method of assessment that is knowledge-based.

A method of assessment that is improved by new knowledge.

Answer

Correct Answer: Improved by new knowledge.

Note: This Question is unanswered, help us to find answer for this one

42. What is the main analytic effort in the judgment-intensive model?

Assessing model inputs

Output tables

Data processing

Theoretical model

Answer

Correct Answer: Assessing model inputs

Note: This Question is unanswered, help us to find answer for this one

43. What does the word "judgement" mean?

The act of passing sentence

The act of making a decision

A document stating the reasons for a decision

Personal assessment or other evaluation.

Answer

Correct Answer: Personal assessment or other evaluation.

Note: This Question is unanswered, help us to find answer for this one

44. What is the joint probability?

Probability that two or more events occur together.

The probability that only one event occurs.

The probability that an event does not occur.

The probability of an event occurring.

Answer

Correct Answer: Probability that two or more events occur together.

Note: This Question is unanswered, help us to find answer for this one

45. What is Janusian thinking?

The ability to make a decision based on emotion

The ability to hold multiple views while making a decision.

The ability to make a decision without considering all options

The ability to make a decision without consulting others

Answer

Correct Answer: The ability to hold multiple views while making a decision.

Note: This Question is unanswered, help us to find answer for this one

46. What is an internal check?

A set of procedures used to ensure accuracy in bookkeeping

A method of checking the accuracy of a mathematical operation

Validation internal to model, e.g., by test of technical soundness, science, or logical coherence.

A system of routine technical maintenance checks

Answer

Correct Answer: Validation internal to model, e.g., by test of technical soundness, science, or logical coherence.

Note: This Question is unanswered, help us to find answer for this one

47. What is an interested party?

A party who is indifferent to the choice

A party who is not interested in the choice

A party whose interests are affected by a choice

A party who is interested in the choice

Answer

Correct Answer: A party whose interests are affected by a choice

Note: This Question is unanswered, help us to find answer for this one

48. What is the main goal of interest-based problem solving?

To define the problem in terms of interests.

To find a solution that is satisfactory to both parties.

To work to obtain a solution that is satisfactory to all parties.

To reconcile the interests to obtain a mutually-satisfactory solution.

Answer

Correct Answer: To reconcile the interests to obtain a mutually-satisfactory solution.

Note: This Question is unanswered, help us to find answer for this one

49. What is the main idea of Interest-Based Problem Solving?

Defining problems without considering interests

Ignoring interests altogether to arrive at a solution.

Working to obtain a mutually-satisfactory solution without first defining the problem in terms of interests.

Defining problems in terms of interests and working to reconcile those interests to obtain a mutually-satisfactory solution.

Answer

Correct Answer: Defining problems in terms of interests and working to reconcile those interests to obtain a mutually-satisfactory solution.

Note: This Question is unanswered, help us to find answer for this one

50. What is a series of decisions that are interrelated called?

Independent Decisions

Dependent Decisions

Interdependent Decisions

Sequential Decisions

Answer

Correct Answer: Interdependent Decisions

Note: This Question is unanswered, help us to find answer for this one

51. What is the opposite of outside act?

Procedure

Act

Outside organizational act

Inside organizational act

Answer

Correct Answer: Inside organizational act

Note: This Question is unanswered, help us to find answer for this one

52. What is input judgment?

Part of a model or inference procedure in which output is calculated.

Term to be supplied in a model or inference procedure, from which output is calculated.

Term to be supplied in a model or inference procedure, from which input is calculated.

Term to be supplied in a model or inference procedure, from which output is not calculated.

Answer

Correct Answer: Term to be supplied in a model or inference procedure, from which output is calculated.

Note: This Question is unanswered, help us to find answer for this one

53. What does it mean to innovate?

To copy someone else

To make something better

To be original

To use a new, not necessarily better, way of responding to aims or objectives.

Answer

Correct Answer: To use a new, not necessarily better, way of responding to aims or objectives.

Note: This Question is unanswered, help us to find answer for this one

54. What is the ability of decision makers to observe, catalogue, and make judgments on the basis of information they observe called?

Information processing

Information-processing capability

Capability

Decision making

Answer

Correct Answer: Information-processing capability

Note: This Question is unanswered, help us to find answer for this one

55. What is information-processing capability?

The ability to process vast amounts of information

The ability to make logical decisions

The ability of decision makers to observe, catalogue, and make judgments on the basis of information they observe.

The ability to think abstractly

Answer

Correct Answer: The ability of decision makers to observe, catalogue, and make judgments on the basis of information they observe.

Note: This Question is unanswered, help us to find answer for this one

56. What are informational decisions?

Decisions made with limited information.

Decisions made impulsively without taking time to gather information.

Decisions made based on emotion rather than logic.

Unique or problematic interpretations drawn from information-rich situations in which the means used to assess information are controversial.

Answer

Correct Answer: Unique or problematic interpretations drawn from information-rich situations in which the means used to assess information are controversial.

Note: This Question is unanswered, help us to find answer for this one

57. What is an informant?

A source of judgment to be assessed.

Someone who transmit infectious diseases

A person who provides information

A person who lacks imagination

Answer

Correct Answer: A source of judgment to be assessed.

Note: This Question is unanswered, help us to find answer for this one

58. What is informal simulation?

A technique applied in important and recurring decisions to promote learning by recreating actual decision situations.

A method of solving complex problems by breaking them down into smaller and more manageable chunks.

A form of reasoning in which a conclusion is drawn based on multiple premises.

Answer

Correct Answer: A technique applied in important and recurring decisions to promote learning by recreating actual decision situations.

Note: This Question is unanswered, help us to find answer for this one

59. What is Inference?

Generalization based on very limited evidence

A guess

A conclusion that is drawn by applying reasoning to available information to arrive at a decision.

A prediction

Answer

Correct Answer: A conclusion that is drawn by applying reasoning to available information to arrive at a decision.

Note: This Question is unanswered, help us to find answer for this one

60. What is true about individual learning?

Decision makers learn from reflecting on decision outcomes as missed opportunities.

Decision makers do not learn from reflecting on decision outcomes as missed opportunities.

Decision makers learn from reflecting on decision outcomes as failures.

Decision makers learn from reflecting on decision outcomes as successes

Answer

Correct Answer: Decision makers learn from reflecting on decision outcomes as missed opportunities.

Note: This Question is unanswered, help us to find answer for this one

61. What is the term for decision makers' gaining of insight as they reflect on decision outcomes as missed opportunities?

Situational learning

Social learning

Individual learning

Blended learning

Answer

Correct Answer: Individual learning

Note: This Question is unanswered, help us to find answer for this one

62. What does "indicative of possibility" mean?

Evidence supports truth of a possibility

Possibility is supported by evidence

Evidence does not support truth of a possibility

Truth of a possibility is supported by evidence

Answer

Correct Answer: Evidence supports truth of a possibility

Note: This Question is unanswered, help us to find answer for this one

63. What is incremental commitment?

Bilateral agreement

Unilateral agreement

At least partially reversible option.

A statement or promise that something will happen

Answer

Correct Answer: At least partially reversible option.

Note: This Question is unanswered, help us to find answer for this one

64. What is meant by an "incremental commitment"?

A fully reversible option

A partially reversible option

An irreversible option

A non-reversible option

Answer

Correct Answer: A partially reversible option

Note: This Question is unanswered, help us to find answer for this one

65. What is the utility of options?

The utility of options is the sum of criteria scores times importance weights.

There is no utility of options.

The utility of options is the sum of importance weights.

The utility of options is the sum of criteria scores.

Answer

Correct Answer: The utility of options is the sum of criteria scores times importance weights.

Note: This Question is unanswered, help us to find answer for this one

66. What is the utility of options given by the importance-weighted criteria evaluation?

(approximately) sum of criteria scores times importance weights

Sum of squared criteria scores times importance weights

Sum of reciprocals of criteria scores times importance weights

Product of criteria scores times importance weights

Answer

Correct Answer: (approximately) sum of criteria scores times importance weights

Note: This Question is unanswered, help us to find answer for this one

67. What does "Importance weights" mean?

Relative importance of criteria

Quadratic term in multiple regression

Absolute value of the correlation coefficient

Square root of the variance

Answer

Correct Answer: Relative importance of criteria

Note: This Question is unanswered, help us to find answer for this one

68. What is the importance weight?

The relative importance of criteria

The value of a good or service

The number of units traded

A measure of susceptibility

Answer

Correct Answer: The relative importance of criteria

Note: This Question is unanswered, help us to find answer for this one

69. What is implementing choice?

The process of carrying out a plan of action

Narrow variant of a broader choice.

A decision-making process

Broad variant of a narrower choice.

Answer

Correct Answer: Narrow variant of a broader choice.

Note: This Question is unanswered, help us to find answer for this one

70. What does "implementing choice" mean?

Developing a plan of action to achieve a goal

Narrow variant of a broader choice

Implementing a choice process

The carrying out of a decision

Answer

Correct Answer: Narrow variant of a broader choice

Note: This Question is unanswered, help us to find answer for this one

71. What is the definition of "Impact"?

A marked effect or influence.

The ability to affect change or make an impact.

Difference in value, criterion score or contributor value, due to exercising an option, i.e., compared with null option.

The force or energy of a collision.

Answer

Correct Answer: Difference in value, criterion score or contributor value, due to exercising an option, i.e., compared with null option.

Note: This Question is unanswered, help us to find answer for this one

72. What does the word "illusory" mean?

Misleading

Big

Pleasant

Bright

Answer

Correct Answer: Misleading

Note: This Question is unanswered, help us to find answer for this one

73. What is an illusory association?

A method of tricking the mind

A type of optical illusion

Misleading connections between signs and conditions they are thought to predict.

A connection that cannot be explained

Answer

Correct Answer: Misleading connections between signs and conditions they are thought to predict.

Note: This Question is unanswered, help us to find answer for this one

74. What is illusion of control?

An opportunity that is missed

Learning about missed opportunities

A situation that is not under control

An act of prediction that makes the predicted outcome seem more certain

Answer

Correct Answer: An act of prediction that makes the predicted outcome seem more certain

Note: This Question is unanswered, help us to find answer for this one

75. What is the illusion of control?

A situation where the predicted outcome does not come true.

A situation where the predicted outcome is impossible to control.

An act of prediction that makes the predicted outcome seem more certain.

An act of prediction that makes the predicted outcome seem more difficult.

Answer

Correct Answer: An act of prediction that makes the predicted outcome seem more certain.

Note: This Question is unanswered, help us to find answer for this one

76. What is ideal rationality?

Perfect analysis of all available knowledge.

Ignorance of all available knowledge

Analysis of some available knowledge

Limited analysis of all available knowledge

Answer

Correct Answer: Perfect analysis of all available knowledge.

Note: This Question is unanswered, help us to find answer for this one

77. What is the opposite of hypothetical judgment?

Actual judgment

Probable judgment

Possible judgment

Likely judgment

Answer

Correct Answer: Actual judgment

Note: This Question is unanswered, help us to find answer for this one

78. What is human agency?

Reference to the decision-making intentions, opportunities, capabilities and activities of human beings that are independent of external factors.

Reference to the independent decision-making intentions, opportunities, capabilities and activities of human beings.

Reference to the decision-making intentions, opportunities, capabilities and activities of human beings that are determined by external factors.

Reference to the decision-making intentions, opportunities, capabilities and activities of human beings that are influenced by external factors.

Answer

Correct Answer: Reference to the independent decision-making intentions, opportunities, capabilities and activities of human beings.

Note: This Question is unanswered, help us to find answer for this one

79. What does holistic characterization mean?

Single description of total possibilities.

Detailed description of all potentialities.

Brief description of all potentialities.

Comprehensive description of all potentialities.

Answer

Correct Answer: Single description of total possibilities.

Note: This Question is unanswered, help us to find answer for this one

80. What is Heuristic?

A trial-and-error tactic used by a decision maker to speed the process of learning or finding out.

A device or piece of information that provides a means of reaching a conclusion

A set of ethical principles concerning acceptable behavior

The study of different methods of solving problems

Answer

Correct Answer: A trial-and-error tactic used by a decision maker to speed the process of learning or finding out.

Note: This Question is unanswered, help us to find answer for this one

81. What is the process used when there are many known stakeholders?

Strategic planning

Group decision process

Research and development

Internal assessment

Answer

Correct Answer: Group decision process

Note: This Question is unanswered, help us to find answer for this one

82. What are good/bad anchors?

Hi/lo anchors for utility rating scale, e.g., 100, and zero, ends of rating scale.

Those who are more/less likely to purchase a product

Those who are more/less satisfied with a service

Respondents who agree/disagree with a statement

Answer

Correct Answer: Hi/lo anchors for utility rating scale, e.g., 100, and zero, ends of rating scale.

Note: This Question is unanswered, help us to find answer for this one

83. What is GOO?

Google search

Goals, options, and outcomes

Google Chrome

Google

Answer

Correct Answer: Goals, options, and outcomes

Note: This Question is unanswered, help us to find answer for this one

84. What is goal-seeking?

The ability to track goals and objectives over time.

The capability of asking what values certain variables must have in order to attain desired goals.

A technique for setting and achieving goals.

A method of problem solving.

Answer

Correct Answer: The capability of asking what values certain variables must have in order to attain desired goals.

Note: This Question is unanswered, help us to find answer for this one

85. What is a goal?

A result

A destination

A plan to achieve something

A state that decision-maker prefers to be in, e.g., an increase in a positive criterion.

Answer

Correct Answer: A state that decision-maker prefers to be in, e.g., an increase in a positive criterion.

Note: This Question is unanswered, help us to find answer for this one

86. What is the best known strategy in game theory?

Symplectic game theory

Value function solution

Minimax/maximin solution strategy

Max-plus solution

Answer

Correct Answer: Minimax/maximin solution strategy

Note: This Question is unanswered, help us to find answer for this one

87. What is a "zero-sum game"?

A game in which the sum of each player's pay-offs is zero

A game in which the sum of each player's pay-offs is more than zero

A game with more than two players

A game in which each player has a pay-off of zero

Answer

Correct Answer: A game in which the sum of each player's pay-offs is zero

Note: This Question is unanswered, help us to find answer for this one

88. What is utility?

A mathematical representation of preferences

The expected value of a distribution

Probability in an equivalent gamble between arbitrary good and bad.

A function that assigns real numbers to events in a sample space

Answer

Correct Answer: Probability in an equivalent gamble between arbitrary good and bad.

Note: This Question is unanswered, help us to find answer for this one

89. What is a gamble?

An event that definitely will happen

A course of action that has a low chance of success but could lead to a big payoff

Choice with uncertain outcomes.

A situation where the chances of success are 50/50

Answer

Correct Answer: Choice with uncertain outcomes.

Note: This Question is unanswered, help us to find answer for this one

90. What is the definition of future conditions?

The study of future events

Factors beyond the decision maker’s control that influence the payoffs associated with alternatives.

A time period after the present

Events that have not yet happened

Answer

Correct Answer: Factors beyond the decision maker’s control that influence the payoffs associated with alternatives.

Note: This Question is unanswered, help us to find answer for this one

91. What is the range of a function?

The domain of a function is the set of all values that the function can produce.

The range of a function is the set of all values that the function can produce.

The range of a function is the set of all values that the function can take.

The domain of a function is the set of all values that the function can take.

Answer

Correct Answer: The range of a function is the set of all values that the function can produce.

Note: This Question is unanswered, help us to find answer for this one

92. What does a frame do?

Provides options for you

Focuses attention on what a decision is about

Gathers information for you

Makes the decision for you

Answer

Correct Answer: Focuses attention on what a decision is about

Note: This Question is unanswered, help us to find answer for this one

93. What is formal simulation?

A way to make unethical decisions

A way to avoid difficult decisions

A tactic used to promote learning by creating hypothetical decision situations.

A way to make decisions without considering the consequences

Answer

Correct Answer: A tactic used to promote learning by creating hypothetical decision situations.

Note: This Question is unanswered, help us to find answer for this one

94. Why are there many different outcomes possible?

Because they are dependent, dependent upon which values of which variables are set into the model.

Because they might experience drought

Because the society might grow

Because they might adopt a new technology

Answer

Correct Answer: Because they are dependent, dependent upon which values of which variables are set into the model.

Note: This Question is unanswered, help us to find answer for this one

95. Why are there many different outcomes possible for society?

Society is complex

The model is static

They are dependent upon which values of which variables are set into the model.

Disruptions are rare

Answer

Correct Answer: They are dependent upon which values of which variables are set into the model.

Note: This Question is unanswered, help us to find answer for this one

96. What are the two types of models?

Those with variables that are linked but not quantified, and those with variables that are not linked but are quantified.

Those with variables that are linked and quantified, and those with variables that are linked but not quantified.

Those with variables that are linked and quantified, and those with variables that are not linked and not quantified.

Answer

Correct Answer: Those with variables that are linked and quantified, and those with variables that are not linked and not quantified.

Note: This Question is unanswered, help us to find answer for this one

97. What is the simplest type of model?

A model with quantified variables

A model with linked variables

A model with unquantified variables

A model with static variables

Answer

Correct Answer: A model with quantified variables

Note: This Question is unanswered, help us to find answer for this one

98. What does the word "form" mean in the given context?

A type of artistic composition

The way a thing is organized

Shape or outline as a criterion in decisions

A measure of the heaviness of an object

Answer

Correct Answer: Shape or outline as a criterion in decisions

Note: This Question is unanswered, help us to find answer for this one

99. What is another word for "form?"

Vessel

Quality

Shape

Art

Answer

Correct Answer: Shape

Note: This Question is unanswered, help us to find answer for this one

100. What is flipping probabilities?

Deriving one set of discrete probabilities from another set.

The study of Probability Theory

The study of the Bernoulli Trials

The study of flipping objects

Answer

Correct Answer: Deriving one set of discrete probabilities from another set.

Note: This Question is unanswered, help us to find answer for this one

101. What does "factual possibility" mean?

Possible fact, event, quantity, property, proposition.

Improbable fact, event, quantity, property, proposition.

Certain fact, event, quantity, property, proposition.

Fact, event, quantity, property, proposition that could have been different.

Answer

Correct Answer: Possible fact, event, quantity, property, proposition.

Note: This Question is unanswered, help us to find answer for this one

102. What is a factual judgment assessment?

Evaluation, probabilistic or deterministic, of a possibility.

A legal document that assesses the value of a property.

A statement that cannot be proven true or false.

A belief that is not based on evidence.

Answer

Correct Answer: Evaluation, probabilistic or deterministic, of a possibility.

Note: This Question is unanswered, help us to find answer for this one

103. What generates a fact-based dispute?

Misunderstandings or inaccurate rumors

Personal preferences

Logic

Emotions

Answer

Correct Answer: Misunderstandings or inaccurate rumors

Note: This Question is unanswered, help us to find answer for this one

104. What is a fact-based dispute?

A dispute about what has occurred or is occurring.

A dispute that has no basis

A dispute about what will occur

A dispute about what could have occurred

Answer

Correct Answer: A dispute about what has occurred or is occurring.

Note: This Question is unanswered, help us to find answer for this one

105. What is the process of external validation?

Checking the model's accuracy against other models

Checking the model's accuracy against actual data

Comparing the model to similar models

Determining the real-world accuracy of the model

Answer

Correct Answer: Checking the model's accuracy against actual data

Note: This Question is unanswered, help us to find answer for this one

106. What is "external validation"?

Checking the model against real-world data

Checking the model against internal data

Checking the model against fake data

Checking the model against theoretical data

Answer

Correct Answer: Checking the model against real-world data

Note: This Question is unanswered, help us to find answer for this one

107. What decision rule incorporates what can be determined about uncertainty and applies compensatory logic?

Expected-value decision rule

Highest-value decision rule

Linear-value decision rule

Equally-weighted decision rule

Answer

Correct Answer: Expected-value decision rule

Note: This Question is unanswered, help us to find answer for this one

108. What does the term "exogenous" mean?

Internal to the inner workings of a system or model

Variables are exogenous to the extent that they are not the result of the operation of the system

Anything going on in the model itself

External to the inner workings of a system or model

Answer

Correct Answer: External to the inner workings of a system or model

Note: This Question is unanswered, help us to find answer for this one

109. What is evidence?

Anecdotal information

Information relevant to assessing a possibility.

A feeling or hunch

A set of beliefs

Answer

Correct Answer: Information relevant to assessing a possibility.

Note: This Question is unanswered, help us to find answer for this one

110. What does "Evaluatory" mean?

The process of making something better

To judge the value or worth of something

To assess the strengths and weaknesses of something

A judgment of preference.

Answer

Correct Answer: A judgment of preference.

Note: This Question is unanswered, help us to find answer for this one

111. What does the term "Evaluatory" refer to?

A judgment of fact

A judgment of preference

The ability to make judgments

An instance of judging

Answer

Correct Answer: A judgment of preference

Note: This Question is unanswered, help us to find answer for this one

112. What is evaluation?

Making a judgment about something.

Putting a number to a judgment, not necessarily a preference judgment.

Putting a number to a preference judgment.

Assessing a probability.

Answer

Correct Answer: Putting a number to a judgment, not necessarily a preference judgment.

Note: This Question is unanswered, help us to find answer for this one

Supply Chain Management Engineering MCQs | Topic-wise

MCQ on Basic Supply Chain Management Engineering	MCQ on Business To Business Sales Management
MCQ on Decision Making	MCQ on Financial Analysis For Technology Systems
General Supply Chain Management Engineering MCQs

Buy us a coffee

Supply Chain Management Engineering Subjects

Business To Business Sales Management MCQs

Financial Analysis For Technology Systems MCQs

Basic Supply Chain Management Engineering MCQs

More Resources

Supply Chain Management Engineering MCQ

Supply Chain Management Engineering Skill Assessment

Supply Chain Management Engineering PDF

Related MCQs

Systems Engineering MCQs

Telecommunications Engineering MCQs

Thermal Engineering MCQs

Transport Engineering MCQs

Water Resources Engineering MCQs