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BUSOBA 2321 EXAM

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Exam of 2 pages for the course BUSOBA 2321 at BUSOBA 2321 (BUSOBA 2321 EXAM)

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BUSOBA 2321 EXAM



584steps84in84the84decision84making84process84-84answer--
1.84identify84and84define84the84problem
2.84generate84and84evaluate84alternative84solutions
3.84decide84on84preferred84course84of84action84(outcomes)
4.84implement84the84decision84(payoffs)
5.84evaluate84results

Profit84equation84-84answer--Profit84=84Price84(x)84-84VC84(x)84-84FC84=84(P-V)x-F
Profit84=84Revenue84-84Costs

Break84even84point84-84answer--profit84=840

indifference84points84-84answer--
point84where84total84profit84or84cost84of84the84alternatives84is84equal

SON84vs.84alternative84-84answer--
little84control84over,84prob84are84associated84with84alernatives

Maximax84-84answer--optimistic84/84maximum84of84the84maximums

Maximin84-84answer--pessimistic84/84maximum84of84the84minimums

EMV84-84answer--
expected84monetary84value84(equally84likely84=84same84probability84for84each84state84of8
4nature)


EVPI84-84answer--
expected84value84of84perfect84information84(connects84with84highest84value84on84each84y
84axis)


EVPI84=84-84answer--EVwPI84-84EMVmax

decision84variables84-84answer--
within84the84context84of84optimization84modeling,84variables84that84will84be84manipulated
84to84find84the84best84solution


constraints84-84answer--limitation84or84restriction

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