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BUSOBA 2321 FINAL

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Institution BUSOBA 2321
Course BUSOBA 2321
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Exam of 8 pages for the course BUSOBA 2321 at BUSOBA 2321 (BUSOBA 2321 FINAL)

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BUSOBA 2321 FINAL



Decision84Analysis84-84answer--
an84analytic84and84systematic84way84to84tackle84problems

Characteristics84of84good84decisions84-84answer---84based84on84logic
-84considers84all84possible84alternatives
-84examines84all84available84information84about84the84future
-84sometimes84result84in84unfavorable84outcomes

Characteristics84of84bad84decisions84-84answer---84does84not84consider84alternatives
-84does84not84use84all84available84information
-84sometimes84yield84favorable84results

Five84steps84in84decision84analysis84-84answer---84define84the84problem
-84list84all84possible84alternatives
-84identify84possible84outcomes84for84each84decision84alternative
-84identify84the84payoff84for84each84combination
-
84select84a84decision84analysis84modeling84technique,84apply84the84model,84and84make84
the84decision

Types84of84decisions84-84answer---84strategic
-84tactical
-84operational

Strategic84decisions84-84answer--
take84a84long84time84and84have84significant84consequences84for84incorrect84decisions

Tactical84decisions84-84answer--
take84a84significant84amount84of84time84and84can84have84high84consequence84for84incorr
ect84decisions

Operational84decisions84-84answer--
take84a84limited84amount84of84time84but84have84low84consequences84for84incorrect84deci
sions

Payoff84table84-84answer---84decisions84in84rows
-84states84of84nature84in84columns
-84values84can84be84positive84(profit)84or84negative84(loss)

, Maximax84Criteria84(Optimistic84Approach)84-84answer--Short-
sided,84Potential84High84Risk,84Best84Among84Best84in84Payoff84Table
-84create84an84additional84column84("maximum")
-84determine84the84maximum84payoff84for84each84decision84(row)
-84choose84the84maximum84value84in84the84"maximum"84column

Maximin84Criteria84(Pessimistic84Approach)84-84answer--
Short84Sided,84Potential84High84Opportunity84Lost,84Best84Among84Worst84in84Payoff84T
able
-84create84an84additional84column84("minimum")
-84determine84the84minimum84payoff84for84each84decision84(row)
-84choose84the84maximum84value84in84the84"minimum"84column

Regret84Table84-84answer---84create84an84additional84row84("maximum")
-84determine84the84maximum84payoff84for84each84state84of84nature84(column)
-84subtract84each84payoff84from84the84maximum84of84each84state84of84nature84(column)

Minimax84Regret84criteria84(competitive84behavior)84-84answer--
Best84Among84Worst84in84Regret84Table
-84create84an84additional84column84("maximum")
-84determine84the84maximum84regret84for84each84decision84(row)
-84choose84the84minimum84value84in84the84"maximum"84column

decisions84using84probabilities84-84answer---84expected84monetary84value84(EMV)
-84expected84opportunity84loss84(EOL)

Expected84Monetary84Value84(EMV)84-84answer---
84a84weighted84average84that84is84calculated84by84multiplying84every84payoff84of84a84deci
sion84by84the84probabilities84of84the84state84of84nature
-84choose84the84decision84with84the84highest84EMV

EMV84indifference84points84-84answer---
84set84the84probability84of84state84A84to84"p"84and84state84B84to84"1-p"84(state84C84to84"1-
p-q",84if84necessary)
-84determine84the84equation84for84each84decision
-
84set84each84decision's84EMV84equal84to84one84another84to84find84the84indifference84poin
t
-84use84a84test84point84to84find84the84best84options84in84an84indifference84table

Expected84Opportunity84Loss84(EOL)84-84answer---
84a84weighted84average84that84is84calculated84by84multiplying84every84regret84of84a84deci
sion84by84the84probabilities84of84the84state84of84nature
-84choose84the84decision84with84the84smallest84EOL

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