ISYE 6402 MIDTERM 2 TF AND MC
SCRIPT COMPLETE ANSWERS GRADED
A+
◉ structured decision
Answer: ~A decision that is routine and repetitive and often has
well defined procedures for making the decision.
~We know what info we need and we know what procedure to
use
Examples:
-Compare actual spending to estimated budget
-Deciding which of three advertising plans to pay for
-Solving a math problem for which there is one right answer
◉ unstructured decision
Answer: ~A decision that is novel and therefore has no agreed
upon, well-understood procedure for making the decision.
~We don't know what info we need and we don't know what
procedure to use. Often, we don't know what don't know.
Examples:
-Which products should our company design that will make at
least $1 billion?
,-What career will I be successful in?
-How do we solve the problem of homelessness?
◉ semi-structured decision
Answer: ~A decision for which some parts are structured and
some parts are unstructured.
~Some info is known, some is not. A known process will answer
some of it, but not all of it.
Examples:
-What price should we give our new product? (unknown: market
elasticity)
-Should we merge with Company X? (unknown: X's real value)
-What is the best route to deliver pizzas? (unknown: traffic)
◉ decision
Answer: ~a conclusion or resolution reached after consideration.
~Outcome: choose one thing over another.
In short:
An answer
A choice
A way to persuade others
A resolution of ambiguity
, A way to move on to other things
A change in psychological or cognitive state
A new understanding of the world
Examples:
-"which college should I enroll in?"
-"which product should I buy?"
-"which friends should I keep?"
◉ dilemma
Answer: ~a situation in which a difficult choice has to be made
between two or more alternatives, especially equally undesirable
ones.
~Outcome: choose the best alternative which may not turn out
well anyway
Example
-"if I don't pay a bribe, I might not get the business. But if I do pay
a bribe, I'll might get fired "
-"To reduce my stress, I can cut down on the number of courses I
take, but then I'll graduate later which will increase my stress"
◉ opportunity
Answer: ~a set of circumstances that makes it possible to do
something.
SCRIPT COMPLETE ANSWERS GRADED
A+
◉ structured decision
Answer: ~A decision that is routine and repetitive and often has
well defined procedures for making the decision.
~We know what info we need and we know what procedure to
use
Examples:
-Compare actual spending to estimated budget
-Deciding which of three advertising plans to pay for
-Solving a math problem for which there is one right answer
◉ unstructured decision
Answer: ~A decision that is novel and therefore has no agreed
upon, well-understood procedure for making the decision.
~We don't know what info we need and we don't know what
procedure to use. Often, we don't know what don't know.
Examples:
-Which products should our company design that will make at
least $1 billion?
,-What career will I be successful in?
-How do we solve the problem of homelessness?
◉ semi-structured decision
Answer: ~A decision for which some parts are structured and
some parts are unstructured.
~Some info is known, some is not. A known process will answer
some of it, but not all of it.
Examples:
-What price should we give our new product? (unknown: market
elasticity)
-Should we merge with Company X? (unknown: X's real value)
-What is the best route to deliver pizzas? (unknown: traffic)
◉ decision
Answer: ~a conclusion or resolution reached after consideration.
~Outcome: choose one thing over another.
In short:
An answer
A choice
A way to persuade others
A resolution of ambiguity
, A way to move on to other things
A change in psychological or cognitive state
A new understanding of the world
Examples:
-"which college should I enroll in?"
-"which product should I buy?"
-"which friends should I keep?"
◉ dilemma
Answer: ~a situation in which a difficult choice has to be made
between two or more alternatives, especially equally undesirable
ones.
~Outcome: choose the best alternative which may not turn out
well anyway
Example
-"if I don't pay a bribe, I might not get the business. But if I do pay
a bribe, I'll might get fired "
-"To reduce my stress, I can cut down on the number of courses I
take, but then I'll graduate later which will increase my stress"
◉ opportunity
Answer: ~a set of circumstances that makes it possible to do
something.
