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Busıness Decısıon Models (ENG)

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  1. 1

    In which method used when making a decision under uncertainty, calculation is made considering that the event’s possibility occur equally?

  2. 2

         States of Nature

           S1(0.5)  S2(0.2)  S3(0.3)

    A1   50         110         30

    A2   90           40         50

    A3   70         100         10

    What is the highest gain value of the TL gain strategy table above according to the maximum probability criterion ?

  3. 3

    In a decision making process, what kind of transformation the information about the probability of the events makes for the decision environment?

  4. 4
    1. Define decision problem
    2. Establish objectives
    3. Identify the possible outcomes for each decision alternative
    4. Determine the best alternative and make your decision

    Which of the above are among the steps of decision making process?

  5. 5
    1. Reaction of competitiors
    2. Stable economy
    3. Technological changes

    When there is a decision made under uncertainty, what factor or factors above might influence the decision?

  6. 6

    What is the fourth step in the decision-making process?

  7. 7
    • These are the values of alternatives and events.
    • They are usually numeric values.

    Which common characteristic of decision making is defined above?

  8. 8

    Once the decision problem has been identified, what will be the next step?

  9. 9

    What refers to the consequence resulting from a specific combination of a decision alternative and a state of nature in the decision tree?  

  10. 10

    What demonstrates the average additional amount the investor would have achieved by making the right decision instead of a wrong one?

  11. 11

    Who is the person who is recognized as the first to explore the field of operations research?

  12. 12

    Decision making under risk is also known as:

  13. 13
    1. Problem definition
    2. System analysis for the problem and data gathering
    3. Model construction
    4. Model solution and testing
    5. The decision of implementing the solution

    What is the correct order of the definitive steps of operations research approach above?

  14. 14

    I. Branches

    II. Probability Nodes 

    III. Chance Nodes

    IV. Payoffs

    Which of the elements listed above are among the components of a decision tree?

  15. 15

    Which of the following is an element of the decision tree that indicates that one of a finite number of states of nature is expected to occur at this point in the process?

  16. 16

    What is the third step in the decision-making process?

  17. 17

    Which of the following is the last step of an operations research application?

  18. 18

    What are the uncontrollable environmental factors that influence the choice of the decision maker?

  19. 19
    1. Information
    2. Ceryainty
    3. Number of alternatives
    4. Psychological factors

    Which of the above are among the reasons for making decisions easy or difficult?

  20. 20

    Bayes’ theorem provides a way for _____ prior probabilities with probabilities obtained by other sources; revised or posterior probabilities.

    Which of the following best fills the blank above?

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