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Padthai Chap 2 Terms
Padthai Chap 2 Terms
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1
It provides an upper bound on the expected value of any sample or survey information.
Expected value of a decision alternative
Sj
Expected value of perfect information
Decision tree
2
Read and answer
Sensitivity Analysis
Risk Analysis
Risk Profile
Optimal Decision Analysis
3
The
U
in the decision tree refers to the unfavorable market research report.
True
False
4
read ans answer
True
False
5
read and answer
True
False
6
What are
P(s1 | F) and P(s2 | F)
are referred to as?
State of Nature
Prior Probability
Posterior Probability
Joint Probability
7
It is done by calculating for each state of nature the difference between each payoff and the largest payoff for that Sj
Minimax Regret Approach
Maximax Regret Approach
Optimistic Approach
Conservative Approach
8
These are the probabilities of the states of nature after revising the prior probabilities based on sample information.
state of nature
prior probability
posterior probability
joint probability
9
It is the sum of weighted payoffs for the decision alternative
Sj
Expected value of perfect information
Decision tree
Expected value of a decision alternative
10
The probabilities for the states of nature and the payoffs are based on subjective assessments.
False
True
11
Lines or arcs connecting the nodes show the direction of influence
True
False
12
To make the best possible decision maker, the decision maker may;
Seek additional information to understand the problem
Seek additional information about the states of nature
Seek additional information regarding the probability of chosen decision
13
Each decision tree has three types of nodes.
True
False
14
A good decision analysis does not include risk analysis
False
True
15
read and answer
True
False
16
Conditional probabilities are always given in the problem.
True
False
17
The decision with the largest payoff or lowest cost is chosen
Optimistic Approach
Conservative Approach
Maximax Regret Approach
Minimax Regret Approach
18
It provides an upper bound for the EVSI, efficiency is always a number between 0 and 1.
EVwPI
EVwoPI
EVPI
EVSI
19
read and answer
Decision alternatives
Decision objectives
Decision making
Decision analysis
20
Symbol for state of nature in the equation.
Expected value of a decision alternative
Sj
Decision tree
Expected value of perfect information
21
read and answer
Complex strategy
Decision strategy
Optimal Decision strategy
22
A payoff can be expressed in terms of profit, cost, time, distance or any other appropriate measure
False
True
23
It is the ratio of EVSI to EVPI
Efficiency of Perfect Information
Efficiency of Decisional Information
Efficiency of Sample Problem
Efficiency of Sample Information
24
It is available which can improve the probability estimates for the states of nature.
Concise Information
Valued Information
Statistics Information
Frequently information
25
A decision is characterized by?
state of nature
Data Preparation
Decision alternatives
resulting payoffs
26
read and answer
False
True
27
It is a chronological representation of the decision problem
Decision tree
Expected value of perfect information
Sj
Expected value of a decision alternative
28
At the end of each limb of a tree are the profits attained from the series of branches making up that limb
True
False
29
This shows the possible payoffs along with their associated probabilities.
Sensitivity Analysis
Optimal Decision Analysis
Risk Analysis
Risk Profile
30
The different possible strategies the decision maker can employ
Decision alternatives
Consequence nodes
Influence diagram
Risk analysis
31
read ans answer
False
True
32
It refers to the future events, not under the control of the decision maker, which may occur.
decision nodes
states of nature
payoff table
payoff
33
The expected value of perfect information is the sum of weighted payoffs for the decision alternative
False
True
34
There are 4 steps in developing the table for the computations based on a favorable&unfavorable market research report.
False
True
35
What do you call these revised probabilities?
Joint probabilities
Possible probabilities
Prosterior probabilities
Prior Probabilities
36
Which statement is not true about the decision process?
It is used to determine the optimal decision strategy.
It is used to determine the probabilities of the problem.
It is estimated based on a forward pass through the decision tree.
37
read and answer
False
True
38
It is a graphical device showing the relationships among the decisions, the chance events, and the consequences.
Decision Analysis
Influence diagram
Payoff
Decision Tree
39
read and answer
Sensitivity Analysis
Optimal Decision Analysis
Risk Analysis
Risk Profile
40
Decision makers must've assessments for the states of nature that are the best probability values available at tht time.
Main probability
Prior probability
v
41
The decision yielding the least expected return is chosen.
True
False
42
Squares or rectangles depict chance nodes
True
False
43
It should be defined so that they are mutually exclusive and collectively exhaustive.
State of Nature
Influence diagram
Payoff
Decision Analysis
44
The three commonly used criteria for decision making when probability infos are unavailable
Optimistic Approach
Conservative Approach
Scholastic Approach
Minimax Regret Approach
45
The consequences resulting from a specific combination of a decision alternative and a state of nature is a...
diagram
decision alternative
payoff
state of nature
46
The final decision must be based on;
Accurate data and statistics
Accurate probabilities for the state of nature.
Accurate information of the problem.
47
The EVPI provides an upper bound on the expected value o f any sample or survey information
True
False
48
Square or rectangles depict
decision nodes
consequence nodes
diamond nodes
chance nodes
49
If the probabilistic information regarding the states of nature is available, one may use the ____
Expected Value Approach
Best Expected Return
Expected value of a Decision Alternative
Expected Value of Perfect Information
50
The
F
in the decision tree refers to state of nature 1
False
True
51
It requires the construction of a regret table or an opportunity loss table
Conservative Approach
Minimax Regret Approach
Maximax Regret Approach
Optimistic Approach
52
It is the additional expected profit possible through knowledge of the sample or information.
EVPI
EVwPI
EVSI
EVwoPI
53
It is a theorem that enables the use of sample information to revise prior probabilities.
Value Theorem
Probabilities Theorem
Utility Theorem
Bayes’ Theorem
54
These are the probabilities of both sample information and a particular state of nature occurring simultaneously.
State of nature
Prior probability
Joint probability
Prior probability
55
read and answer
False
True
56
Diamonds depict
consequence nodes
diamond nodes
chance nodes
circle nodes
57
These are the probabilities of the states of nature prior to obtaining sample information
Joint probability
Posterior probability
Prior probability
State of nature
58
Circles or ovals depic
circle nodes
decision nodes
diamond nodes
chance nodes
59
The state of nature are the different possible strategies the decision maker can employ.
True
False
60
the increase in the expected profit that would result if one knew with certainty which state of nature would occur.
Expected value of a decision alternative
Decision tree
Expected value of perfect information
Sj
