OMIS Decision Making
Steps to Good Decision Making - correct answer ✔-Clearly define the
problem and the factors that influence it.
-Develop specific and measurable objectives.
-Develop a model - that is, a relationship between objectives and variables.
-Evaluate each alternative solution based on its merits and drawbacks.
-Select the best alternative.
-Implement and evaluate the decision and then set a timetable for
competition.
Alternative - correct answer ✔A course of action or strategy that may be
chosen by a decision maker.
State of Nature - correct answer ✔An occurrence or a situation over which
the decision maker has little or no control.
Decision Tables - correct answer ✔A tabular means of analyzing decision
alternatives and states of nature.
Conditional Value - correct answer ✔When a consequence or an outcome is
expressed as a monetary value.
Methods of Decision Making Under Uncertainty - correct answer ✔-Maximax
-Maximin
-Equally Likely
Steps to Good Decision Making - correct answer ✔-Clearly define the
problem and the factors that influence it.
-Develop specific and measurable objectives.
-Develop a model - that is, a relationship between objectives and variables.
-Evaluate each alternative solution based on its merits and drawbacks.
-Select the best alternative.
-Implement and evaluate the decision and then set a timetable for
competition.
Alternative - correct answer ✔A course of action or strategy that may be
chosen by a decision maker.
State of Nature - correct answer ✔An occurrence or a situation over which
the decision maker has little or no control.
Decision Tables - correct answer ✔A tabular means of analyzing decision
alternatives and states of nature.
Conditional Value - correct answer ✔When a consequence or an outcome is
expressed as a monetary value.
Methods of Decision Making Under Uncertainty - correct answer ✔-Maximax
-Maximin
-Equally Likely
