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Questions and Answers
What is used to determine how changes in inputs affect the recommended decision alternative?
What is used to determine how changes in inputs affect the recommended decision alternative?
- Decision Tables
- Sequential Decision-making
- Maximize Expected Utility
- Sensitivity Analysis (correct)
Which approach is associated with a pessimistic view in decision making under uncertainty?
Which approach is associated with a pessimistic view in decision making under uncertainty?
- Utility Theory
- MAXIMIN (correct)
- Criterion of realism (Hurwicz)
- MAXIMAX
What minimizes the maximum regret in decision making under uncertainty?
What minimizes the maximum regret in decision making under uncertainty?
- Expected Value of Perfect Information (EVPI)
- EQUALLY LIKELY
- MINIMAX REGRET (correct)
- Decision Tree
What is used to assess the impact of change in inputs on outputs and can be automatic or trial and error?
What is used to assess the impact of change in inputs on outputs and can be automatic or trial and error?
What eliminates or reduces variables and can be used to determine how sensitive decisions are to changes in probabilities?
What eliminates or reduces variables and can be used to determine how sensitive decisions are to changes in probabilities?
Decision tables are not used in decision making under risk.
Decision tables are not used in decision making under risk.
Sequential Decision-making is not a part of Markov Decision Process (MDP).
Sequential Decision-making is not a part of Markov Decision Process (MDP).
Sensitivity Analysis can only be done manually and cannot be automated.
Sensitivity Analysis can only be done manually and cannot be automated.
Maximize Expected Utility (MEU) is associated with minimizing expected opportunity loss (EOL).
Maximize Expected Utility (MEU) is associated with minimizing expected opportunity loss (EOL).
Criterion of realism (Hurwicz) is also known as the equally likely criterion.
Criterion of realism (Hurwicz) is also known as the equally likely criterion.
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