Busoba 2321 Final Expected Questions With Verified Answers

BUSOBA 2321 FINAL
EXPECTED QUESTIONS WITH VERIFIED ANSWERS

Question 1.
Decision Analysis

ANSWER
an analytic and systematic way to tackle problems


Question 2.
Characteristics of decisions

ANSWER
good - based on logic
- considers all possible alternatives
- examines all available information about the future
- sometimes result in unfavorable outcomes


Question 3.
Characteristics of cisions

ANSWER
bad de- - does not consider alternatives
- does not use all available information
- sometimes yield favorable results


Question 4.
Five steps in decision analysis

ANSWER
- define the problem
- list all possible alternatives
- identify possible outcomes for each decision alternative
- identify the payoff for each combination
- select a decision analysis modeling technique, apply the model, and make the decision






, Question 5.
Types of decisions

ANSWER
- strategic
- tactical
- operational


Question 6.
Strategic decisions

ANSWER
take a long time and have significant consequences for incorrect decisions


Question 7.
Tactical decisions

ANSWER
take a significant amount of time and can have high consequence for incorrect decisions


Question 8.
Operational decisions

ANSWER
take a limited amount of time but have low consequences for incorrect decisions


Question 9.
Payoff table

ANSWER
- decisions in rows
- states of nature in columns
- values can be positive (profit) or negative (loss)