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BUSOBA 2321 FINAL QUESTIONS AND ANSWER1

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BUSOBA 2321 FINAL QUESTIONS AND ANSWER1

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BUSOBA 2321 FINAL QUESTIONS AND
ANSWERS




Decision69Analysis69-69answer--
an69analytic69and69systematic69way69to69tackle69problems

Characteristics69of69good69decisions69-69answer---69based69on69logic
-69considers69all69possible69alternatives
-69examines69all69available69information69about69the69future
-69sometimes69result69in69unfavorable69outcomes

Characteristics69of69bad69decisions69-69answer---69does69not69consider69alternatives
-69does69not69use69all69available69information
-69sometimes69yield69favorable69results

Five69steps69in69decision69analysis69-69answer---69define69the69problem
-69list69all69possible69alternatives
-69identify69possible69outcomes69for69each69decision69alternative
-69identify69the69payoff69for69each69combination
-
69select69a69decision69analysis69modeling69technique,69apply69the69model,69and69make69
the69decision

Types69of69decisions69-69answer---69strategic
-69tactical
-69operational

Strategic69decisions69-69answer--
take69a69long69time69and69have69significant69consequences69for69incorrect69decisions

Tactical69decisions69-69answer--
take69a69significant69amount69of69time69and69can69have69high69consequence69for69incorr
ect69decisions

, Operational69decisions69-69answer--
take69a69limited69amount69of69time69but69have69low69consequences69for69incorrect69deci
sions

Payoff69table69-69answer---69decisions69in69rows
-69states69of69nature69in69columns
-69values69can69be69positive69(profit)69or69negative69(loss)

Maximax69Criteria69(Optimistic69Approach)69-69answer--Short-
sided,69Potential69High69Risk,69Best69Among69Best69in69Payoff69Table
-69create69an69additional69column69("maximum")
-69determine69the69maximum69payoff69for69each69decision69(row)
-69choose69the69maximum69value69in69the69"maximum"69column

Maximin69Criteria69(Pessimistic69Approach)69-69answer--
Short69Sided,69Potential69High69Opportunity69Lost,69Best69Among69Worst69in69Payoff69T
able
-69create69an69additional69column69("minimum")
-69determine69the69minimum69payoff69for69each69decision69(row)
-69choose69the69maximum69value69in69the69"minimum"69column

Regret69Table69-69answer---69create69an69additional69row69("maximum")
-69determine69the69maximum69payoff69for69each69state69of69nature69(column)
-69subtract69each69payoff69from69the69maximum69of69each69state69of69nature69(column)

Minimax69Regret69criteria69(competitive69behavior)69-69answer--
Best69Among69Worst69in69Regret69Table
-69create69an69additional69column69("maximum")
-69determine69the69maximum69regret69for69each69decision69(row)
-69choose69the69minimum69value69in69the69"maximum"69column

decisions69using69probabilities69-69answer---69expected69monetary69value69(EMV)
-69expected69opportunity69loss69(EOL)

Expected69Monetary69Value69(EMV)69-69answer---
69a69weighted69average69that69is69calculated69by69multiplying69every69payoff69of69a69deci
sion69by69the69probabilities69of69the69state69of69nature
-69choose69the69decision69with69the69highest69EMV

EMV69indifference69points69-69answer---
69set69the69probability69of69state69A69to69"p"69and69state69B69to69"1-p"69(state69C69to69"1-
p-q",69if69necessary)
-69determine69the69equation69for69each69decision
-
69set69each69decision's69EMV69equal69to69one69another69to69find69the69indifference69poin
t

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