What is the major disadvantage to the expected value criterion in a decision tree? none of the other choices creating a correct decision tree modeling the decision process O designing experiments to get posterior probabilities O Expected values work best for a decision made many times.
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- Determine the two best decision alternatives by a pessimistic decision maker. Decision dl d2 d3 d4 d2 and d4 Od1 and d4 Od1 and d2 d3 and d4 States of Nature $1 320 280 d1 and d3 170 450 $2 425 -160 100 220 83 -150 160 325 -175Which of the following is demerit of Decision tree approach? It displays the logical relationship between the parts of decision It analyses the problem in terms of expected values and thus yields an average valued solution. In the initial decisions, its outcomes affect the subsequent decisions There is often Consistency in assigning probabilities for different events.Which types of decisions should the decision trees be used to address for?
- What are the probabilities in a decision problem called that are computed from the prior probabilities using Bayes Theorem? posterior probabilities O binomial probabilities O none of the other choices O one-step transition probabilities « Previous Next SimpfunContrast maximax and maximin decision strategies. Under what circumstances is each appropriate?1. Decision Making Problem Solving ABC Manufacturing is trying to analyze the cost associated with three decision options and four states of nature. The payoff matrix for this situation is shown below All S are in thousands. State of Nature S3 S4 Alternatives s1 S2 A1 20 25 30 35 A2 40 30 40 20 A3 10 60 30 25 What decision should be made according to the following decision rules? (show work) (a) Optimistic (b) Pessimistic (c) LaPlace (d) minimax regret
- Explain all, please Match the following decision making definition to one of the following concepts: (Consensus Decision, Pro/Con Listing, Plurality Decision, Preference Trees, Flipism, Majority Decision, Range Voting, Prioritization or Satisficing) 1. Outlining the costs and benefits of a decision 2. Only considering options until the first acceptable one is presented 3. Listing goals in rank order 4. Progressively paring-back a complicated decision by dealing with one problem at a time 5. Making a decision by using some random methodA decision table describes results associated with which of the following A) Two decision variables B) One decision variable and one uncertain variable C) Two uncertain variables D) None of the aboveCompare between thequalitative and quantitativeapproaches in the analysesphase of the decision-makingprocess
- O True O False %23 Previous 08 4. %2$ F4 000 000 5. F5 making environment is Decision Making under Risk. 9. MacBook Air & F7 DD 8. F8 Next If a decision maker can assign probabilities of occurrences to the states of nature then the decision-apply appropriate techniques to solve a range of models of mathematical and real-world problems analyse the effects of changing model parameters on LP model predictions * select and develop appropriate mathematical models for decision making problems (a) A stationary supplies company wishes to produce deluxe and budget ink pens. Deluxe ink pens require eight units of material and 9 minutes to produce each pen. Budget ink pens require six units of material and 4 minutes to produce each pen. The company has 38.25 hours of labour and 1950 units of material available per week. Profit for deluxe ink pens is $2.40 per pen and for budget ink pens is $1.75 per pen. The company also wants the number of deluxe ink pens to be produced to be at least 6 times the number of budget ink pens produced. Formulate a Linear Programming problem to determine the company's best production plan to maximise profit (do not solve). (b) Solve the following Linear Programming problem using the Simplex Method. Full…Which type of decision making is exemplified by the use of a decision tree with an expected-value criterion? decision making under uncertainty decision making under certainty decision making under risk none of the other choices « Previous Not saved Simpfun