Final Review

Final Review

University

40 Qs

quiz-placeholder

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Final Review

Final Review

Assessment

Quiz

Mathematics

University

Hard

Created by

Yinghua Huang

Used 21+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sensitivity analysis

considers how sensitive the decision maker is to risk.

considers how changes in the number of states of nature can impact the recommended decision.

considers how changes in various aspects of the problem affect the recommended decision alternative.

None of these are correct.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between the expected value of an optimal strategy based on sample information and the "best" expected value without any sample information called the

Information sensitivity.

expected value of sample information.

expected value of perfect information.

efficiency of sample information.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Decision alternatives are structured so that several could occur simultaneously.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A payoff

is always measured in profit

is always measured in cost

exists for each pair of a decision alternative and a state of nature

exists for each state of nature

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an influence diagram, decision nodes are represented by

Circles or ovals

Squares or rectangles

Diamonds

Triangles

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The operations manager for a water taxi company wants to decide whether to purchase a small, medium, or large new boat for the company. The manager estimates that the annual profits (in $000) will vary depending upon whether passenger demand is low, moderate, or high, as follows. What is the expected annual profit for the boat that the company will decide to purchase using Bayes' theorem?

$15,000

$50,000

$72,000

$93,000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The efficiency of sample information is

E = EVSI x 100

E = (EVSI / EVPI) x 100

EVSI = |EVwSI - EVwoPI| x 100

EVSI = |EVwSI - EVwoSI| x 100

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