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BUSOBA 2321 MIDTERM QUESTIONS AND ANSWERS

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BUSOBA 2321 MIDTERM QUESTIONS AND ANSWERS

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BUSOBA 2321 MIDTERM QUESTIONS
AND ANSWERS




characteristics48of48a48good48decision48-48answer---based48on48logic
-considers48all48options48and48info48available
-sometimes48gives48unfavorable48results

548steps48of48the48decision48making48process48-48answer--1)48define48problem
2)48list48all48alternatives48(options,48rows)
3)48identify48outcomes48(states48of48nature,48columns)48for48each48alternative48
4)48identify48payoff48for48each48combo48of48alternatives48and48outcome
5)48pick48a48technique

profit48=48-48answer--revenue48-48cost

revenue48=48-48answer--Price48x48Quantity

costs48=48-48answer--fixed48costs48+48(quantity48x48variable48costs)

Profit48line48equation48-48answer--(P-VC)48x48Q48-48FC

break48even48point48graph48-48answer--FC=48intercept48
(P-VC)=48slope
x48intercept48=48break48even48point

indifference48point48-48answer--when48total48costs48are48equal48to48profit

indifference48point48equation48(with48price)48-48answer--(Pa-VCa)Q-FCa=(Pb-VCb)Q-
FCb

indifference48point48equation48(with48costs48only)48-48answer--FCa+VCa*Q=FCb+VCb*Q

Steps48to48calculating48indifference48point48-48answer--
1)48Determine48Equations48for48each48
2)48Set48each48equation48equal48to48each48other48and48solve48for48Q

, 3)48make48indifference48point48table,48set48test48points,48plug48back48into48equation
4)48determine48which48points48yield48the48highest48profit

MAXIMAX48-48answer--
optimistic,48choosing48biggest48return48option48(rows),48then48max48of48these48options

MAXMIN48-48answer--
pessimistic,48choosing48the48smallest48return48option48(rows),48then48take48the48max48of
48these48options


MINIMAX48Regret48-48answer--
1)48find48best48outcome48for48each48state48of48nature48(column)
2)48determine48the48regret48for48each48combo48
48-48what48you48could48have48had48-48what48you48got48aka
48best48payoff48-48actual48payoff
3)48find48the48max48regret48of48each48option48(row)
4)48take48the48min48of48these48max'sperfec

EMV48stands48for48-48answer--expected48monetary48value

EMV48's48are48-48answer--the48lines48on48your48graph

how48to48find48EMV48-48answer--Value48(p)48+48Value48(p-1)

EMV48Max48-48answer--range48of48solutions48

ex:

048<=48p48<=48.348A
.348<=48p48<=48.748B
.748<=48p48<=48148C

-48find48these48by48setting48EMV's48=48to48each48other
-
48this48is48the48line48that48is48made48when48all48EMV's48are48graphed48and48you48are48lo
oking48at48the48maximum48solutions

EVwPI48means48-48answer--expected48value48with48perfect48info48
-48perfect48info48would48tell48us48with48certainty48what48outcome48is48going48to48occur

EVwPI48is48what48on48a48graph48-48answer--
A48line48created48by48connecting48the48two48highest48points48on48either48side48of48the48y
48axis's


EVwPI48calculation48-48answer--Slope48+48y48int
Slope48=48Rise48/48Run48(run48=481-048bc48probability48from480-148is48on48the48x48axis)

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