IMS555 - Chapter 1 (Recap)

The act of committing to a choice or coming to a solution is a called________________

• Creating a Vision

• Managing Change

• Ending Conclusion

• Decision Making

The decision-making process starts with gathering information.

• True

• False

What is the FIRST step of the decision-making process?

• make a plan!

• make a decision

• identify the problem

• evaluate choices

When you make a decision, you should first define your problem. Next you should_________________________.

• make a decision

• gather information

• generate alternatives

• evaluate your choice

_________________ is a choice made between alternative courses of action in a situation of uncertainty.

• Judgement

• Resolution

• Decision

• Action

Descriptive decision theory is all about

I. Shows people process their problem

II. Shows how people do actually make decisions

III. Shows either people behave differently or that there is something wrong with

normative theories

IV. People frequently act in ways deemed to be irrational by decision theorists

• I and II

• II, III and IV

• I, II and IV

• III and IV

Problem solving is a set of actions designed to analyze

I. situation timely

II. create solutions

III. situation systematically

IV. impose solutions

V. evaluate solutions

• I, II and III

• II, III and V

• I, IV and V

• All above

Unstructured decision problem can be described as below EXCEPT

• Non-programmed decision

• Existing classic mathematical models

• Fuzzy, uncertain and vague

• Human intuition as basis in decision making

Decision analysis bridges the gap between descriptive  observations of the way people do make choices and the normative  guidelines for how they should make choices.

This statement best described ____________.

• Normative Decision Theory

• Bayesian Theory

• Descriptive Decision Theory

• Prescriptive Decision Theory

Which of the following best described the development of a theory?

• Theory > Experiment > Observation > Theory

• Theory > Prediction > Experiment > Observation > Theory

• Experiment > Observation > Theory > Prediction

• Theory > Experiment > Observation