BUSOBA 2321 Exam #1 questions with
verified solutions passed
good - correct answer ✔✔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
1. based on logic
2. considers all options available
3. considers all information available at the present time - correct answer
✔✔What are the 3 qualities of a good decision?
logic - correct answer ✔✔Are good decisions based on logic or personal choice?
no - correct answer ✔✔Does a bad decision consider all available options?
yes - correct answer ✔✔Does a good decision consider all available options?
yes - correct answer ✔✔Does a bad decision dismiss and not consider all available
options?
,no - correct answer ✔✔Does a good decision not consider all available options?
no - correct answer ✔✔Is a bad decision based on logic?
bad - correct answer ✔✔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
no - correct answer ✔✔Is a good decision bias?
yes - correct answer ✔✔Is a bad decision bias?
bad - correct answer ✔✔We pick and choose what to present in order to support
an idea when we've made a _____ decision.
false - correct answer ✔✔True or False:
We pick and choose what to present in order to support an idea when we've
made a good decision.
,yes - correct answer ✔✔Can a good decision result in a negative outcome?
yes - correct answer ✔✔Can a bad decision result in a positive outcome?
false - correct answer ✔✔True or False:
A good decision can only result in a good outcome.
true - correct answer ✔✔True or False:
A bad decision can result in both a good and bad outcome.
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. - correct answer ✔✔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?
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 - correct
answer ✔✔What are the 5 steps in decision analysis
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 -
correct answer ✔✔What are the 4 basic components of decision modeling?
1. formulate
2. solution
3. interpret - correct answer ✔✔What are the 3 steps in decision modeling?
formuation - correct answer ✔✔What step of decision modeling do the following
qualities apply to:
1. define the problem
2. develop the model
3. acquire data
solution - correct answer ✔✔What step of decision modeling do the following
qualities apply to:
1. develop solution
2. test solution
interpret - correct answer ✔✔What step of decision modeling do the following
qualities apply to:
verified solutions passed
good - correct answer ✔✔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
1. based on logic
2. considers all options available
3. considers all information available at the present time - correct answer
✔✔What are the 3 qualities of a good decision?
logic - correct answer ✔✔Are good decisions based on logic or personal choice?
no - correct answer ✔✔Does a bad decision consider all available options?
yes - correct answer ✔✔Does a good decision consider all available options?
yes - correct answer ✔✔Does a bad decision dismiss and not consider all available
options?
,no - correct answer ✔✔Does a good decision not consider all available options?
no - correct answer ✔✔Is a bad decision based on logic?
bad - correct answer ✔✔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
no - correct answer ✔✔Is a good decision bias?
yes - correct answer ✔✔Is a bad decision bias?
bad - correct answer ✔✔We pick and choose what to present in order to support
an idea when we've made a _____ decision.
false - correct answer ✔✔True or False:
We pick and choose what to present in order to support an idea when we've
made a good decision.
,yes - correct answer ✔✔Can a good decision result in a negative outcome?
yes - correct answer ✔✔Can a bad decision result in a positive outcome?
false - correct answer ✔✔True or False:
A good decision can only result in a good outcome.
true - correct answer ✔✔True or False:
A bad decision can result in both a good and bad outcome.
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. - correct answer ✔✔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?
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 - correct
answer ✔✔What are the 5 steps in decision analysis
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 -
correct answer ✔✔What are the 4 basic components of decision modeling?
1. formulate
2. solution
3. interpret - correct answer ✔✔What are the 3 steps in decision modeling?
formuation - correct answer ✔✔What step of decision modeling do the following
qualities apply to:
1. define the problem
2. develop the model
3. acquire data
solution - correct answer ✔✔What step of decision modeling do the following
qualities apply to:
1. develop solution
2. test solution
interpret - correct answer ✔✔What step of decision modeling do the following
qualities apply to:
