Sensitivity analysis

Final Review

Quiz
•
Mathematics
•
University
•
Hard
Yinghua Huang
Used 21+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
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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