BUSOBA 2321 Exam #1 || with Certified Answers.
Do the following qualities align with a good or bad decision?
1. based on logic
2. considers all options available
3. considers all information available at the present time correct answers good
What are the 3 qualities of a good decision? correct answers 1. based on logic
2. considers all options available
3. considers all information available at the present time
Are good decisions based on logic or personal choice? correct answers logic
Does a bad decision consider all available options? correct answers no
Does a good decision consider all available options? correct answers yes
Does a bad decision dismiss and not consider all available options? correct answers yes
Does a good decision not consider all available options? correct answers no
Is a bad decision based on logic? correct answers no
Do the following qualities align with a good or bad decision?
1. does not consider all options
,2. does not consider all available information
3. pick and choose what to present in order to support an idea
4. bias correct answers bad
Is a good decision bias? correct answers no
Is a bad decision bias? correct answers yes
We pick and choose what to present in order to support an idea when we've made a _____
decision. correct answers bad
True or False:
We pick and choose what to present in order to support an idea when we've made a good
decision. correct answers false
Can a good decision result in a negative outcome? correct answers yes
Can a bad decision result in a positive outcome? correct answers yes
True or False:
A good decision can only result in a good outcome. correct answers false
True or False:
A bad decision can result in both a good and bad outcome. correct answers true
Is it better to have a good decision that gives you an unfavorable outcome or a bad decision that
gives you a favorable outcome? Why? correct answers A good decision that has a favorable
outcome because it is worse to make a bad decision with a favorable outcome, as it will make
you think that you made the right decision and you will keep making it.
, What are the 5 steps in decision analysis correct answers 1. Define the problem
2. List all alternatives/options
3. Identify the outcomes for each alternative (States of Nature)
4. Identify the payoff for each combination of alternatives and outcomes
5. Pick a technique to apply to the decision model, then make a decision
What are the 4 basic components of decision modeling? correct answers 1. model will represent
reality
2. provides clear recommendations
3. saves time and money
4. could be the only reasonable way to solve for a complex set of equations
What are the 3 steps in decision modeling? correct answers 1. formulate
2. solution
3. interpret
What step of decision modeling do the following qualities apply to:
1. define the problem
2. develop the model
3. acquire data correct answers formuation
What step of decision modeling do the following qualities apply to:
1. develop solution
2. test solution correct answers solution
Do the following qualities align with a good or bad decision?
1. based on logic
2. considers all options available
3. considers all information available at the present time correct answers good
What are the 3 qualities of a good decision? correct answers 1. based on logic
2. considers all options available
3. considers all information available at the present time
Are good decisions based on logic or personal choice? correct answers logic
Does a bad decision consider all available options? correct answers no
Does a good decision consider all available options? correct answers yes
Does a bad decision dismiss and not consider all available options? correct answers yes
Does a good decision not consider all available options? correct answers no
Is a bad decision based on logic? correct answers no
Do the following qualities align with a good or bad decision?
1. does not consider all options
,2. does not consider all available information
3. pick and choose what to present in order to support an idea
4. bias correct answers bad
Is a good decision bias? correct answers no
Is a bad decision bias? correct answers yes
We pick and choose what to present in order to support an idea when we've made a _____
decision. correct answers bad
True or False:
We pick and choose what to present in order to support an idea when we've made a good
decision. correct answers false
Can a good decision result in a negative outcome? correct answers yes
Can a bad decision result in a positive outcome? correct answers yes
True or False:
A good decision can only result in a good outcome. correct answers false
True or False:
A bad decision can result in both a good and bad outcome. correct answers true
Is it better to have a good decision that gives you an unfavorable outcome or a bad decision that
gives you a favorable outcome? Why? correct answers A good decision that has a favorable
outcome because it is worse to make a bad decision with a favorable outcome, as it will make
you think that you made the right decision and you will keep making it.
, What are the 5 steps in decision analysis correct answers 1. Define the problem
2. List all alternatives/options
3. Identify the outcomes for each alternative (States of Nature)
4. Identify the payoff for each combination of alternatives and outcomes
5. Pick a technique to apply to the decision model, then make a decision
What are the 4 basic components of decision modeling? correct answers 1. model will represent
reality
2. provides clear recommendations
3. saves time and money
4. could be the only reasonable way to solve for a complex set of equations
What are the 3 steps in decision modeling? correct answers 1. formulate
2. solution
3. interpret
What step of decision modeling do the following qualities apply to:
1. define the problem
2. develop the model
3. acquire data correct answers formuation
What step of decision modeling do the following qualities apply to:
1. develop solution
2. test solution correct answers solution
