Decision Theory Models Quiz

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Questions and Answers

What is decision theory?

A systematic approach to decision making based on logic and available data (correct)
An emotional approach to decision making without logic
A random approach to decision making without considering available information
A decision-making method based on intuition

What characterizes a good decision according to the text?

Not based on logic, uses all available information, and considers all possible alternatives
Based on intuition, does not consider all available information, and does not employ appropriate quantitative techniques
Not based on logic, does not use all available information, and does not consider all possible alternatives
Based on logic, considers all available data and possible alternatives, and applies a quantitative approach (correct)

What is the purpose of decision theory?

To follow an emotional approach towards decision making
To identify the best alternative or course of action for a specific activity (correct)
To ignore the available data and possible alternatives
To make random decisions without any rational basis

What is a characteristic of a bad decision according to the text?

<p>Not based on logic, does not use all available information, and does not consider all possible alternatives (B)</p> Signup and view all the answers