Quiz Facts 9, Business - Decision Science

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Refer to the payoff table. Using the criterion of realism and an alpha value of 0.7, what would be the highest expected payoff?

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In decision making under ________, there are several possible outcomes for each alternative, and the decision maker does not know the probabilities of the various outcomes

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Linear programming models typically do not have coefficients (i.e., objective function or constraint coefficients) that assume random values

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An urn contains 7 blue and 3 yellow chips. If the drawing of chips is done with replacement, determine the probability of:

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Refer to the payoff table. Using the Laplace criterion, what would be the highest expected payoff?

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The three decision-making environments are decision making under

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Refer to Scenario 9.10. There is some variability in how long it takes the feed store to whip up a batch of llama feed. The standard deviation of the feed prep is one day

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Refer to the payoff table. Using the maximin criterion, what would be the highest expected payoff?

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Drivers arrive at a toll booth at a rate of 3 per minute during peak traffic periods. The time between consecutive driver arrivals follows an exponential distribution

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Refer to the payoff table. Using the maximax criterion, what would be the highest expected payoff?

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An isoprofit line represents a line whereby all profits are the same along the line

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How are decision tables organized?

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Refer to Scenario 9.10. The actual usage for grain depends on which llamas show up at feeding time, thus there is an average need for 50 pounds of grain each day with a standard deviation of five pounds

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Another name for a decision table is a

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It is possible to solve graphically a linear programming model with 4 decision variables

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Refer to Scenario 9.10. What should the reorder point be if demand and lead time are invariant and the farm desires a 90% service level?

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Determining the average payoff for each alternative and choosing the one with the best payoff is the approach called:

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A linear programming problem has the following two constraints: X1 ≤ 20 and X1 ≥ 25. This problem is infeasible

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In decision theory, we call the payoffs resulting from each possible combination of alternatives and outcomes

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Use the information in Scenario 9.8. What is the reorder point if the company finally decides to implement a 95 percent cycle-service level?

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A linear programming model has the following two constraints: X1 ≥ 3 and X1 ≥ 4. This model has a redundant constraint

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Pessimistic decision makers tend to

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The approach that is used for analyzing decision trees is called:

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Use the information in Scenario 9.8. What is the desired safety stock level if the company has a policy of maintaining a 90% cycle-service level?

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Optimistic decision makers tend to

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The Department of Motor Vehicles (DMV) can service customers at a rate of 20 per hour (or 1/3 per minute) when it comes to license renewals. The service time follows an exponential distribution

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Determining the worst payoff for each alternative and choosing the alternative with the "best of the worst" is the approach called:

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Which of the following is not one of the steps considered in the "Six Steps in Decision Making"?

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Quiz Facts 9, Business - Decision Science

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