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Decision-Making Techniques in Scenario Analysis

Decision-Making Techniques in Scenario Analysis

Assessment

Interactive Video

Business

10th - 12th Grade

Practice Problem

Hard

Created by

Thomas White

FREE Resource

The video discusses decision-making under risk and uncertainty, focusing on non-probability techniques. It introduces payoff tables and explores how risk preferences influence decisions. Three decision-making techniques are explained: Maximax, Maximin, and Minimax Regret Rule. Each technique is illustrated with examples, highlighting their application in different scenarios. The video concludes with a summary of decision rules and risk preferences.

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What adds complexity to the decision-making process?

Risk and uncertainty

Simple scenarios

Lack of alternatives

Excessive information

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of decision-making technique requires less information?

Probability-based

Non-probability based

Scenario planning

Complex analysis

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in scenario analysis?

Calculate payoffs

Assess risks

Determine alternatives

Determine scenarios

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are alternatives and scenarios arranged in a payoff table?

Alternatives in rows, scenarios in columns

Scenarios in rows, alternatives in columns

Both in columns

Both in rows

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three categories of scenarios?

Best, worst, average

Optimistic, pessimistic, neutral

Best, possible, most likely

High, medium, low

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What influences the analysis of different alternatives?

Risk preference

Technological advancements

Market trends

Historical data

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which decision rule is preferred by a risk taker?

Maximax

Maximin

Average

Minimax Regret

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