BUSOBA 2321 EXAM QUESTIONS AND ANSWERS.

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BUSOBA 2321 EXAM QUESTIONS AND ANSWERS.

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BUSOBA 2321 EXAM QUESTIONS AND ANSWERS.

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BUSOBA 2321 EXAM QUESTIONS AND
ANSWERS

569steps69in69the69decision69making69process69-69answer--
1.69identify69and69define69the69problem
2.69generate69and69evaluate69alternative69solutions
3.69decide69on69preferred69course69of69action69(outcomes)
4.69implement69the69decision69(payoffs)
5.69evaluate69results

Profit69equation69-69answer--Profit69=69Price69(x)69-69VC69(x)69-69FC69=69(P-V)x-F
Profit69=69Revenue69-69Costs

Break69even69point69-69answer--profit69=690

indifference69points69-69answer--
point69where69total69profit69or69cost69of69the69alternatives69is69equal

SON69vs.69alternative69-69answer--
little69control69over,69prob69are69associated69with69alernatives

Maximax69-69answer--optimistic69/69maximum69of69the69maximums

Maximin69-69answer--pessimistic69/69maximum69of69the69minimums

EMV69-69answer--
expected69monetary69value69(equally69likely69=69same69probability69for69each69state69of6
9nature)

EVPI69-69answer--
expected69value69of69perfect69information69(connects69with69highest69value69on69each69y
69axis)

EVPI69=69-69answer--EVwPI69-69EMVmax

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Number of pages: 2
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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