10 Questions
Which of the following best describes the purpose of decision analysis?
To compare different decision options
What is the first step in decision analysis?
Identify the Specific Decision
What is the purpose of a decision tree in decision analysis?
To graphically display choices
What is the fifth step in decision analysis?
Perform Calculations
What is the purpose of a sensitivity analysis in decision analysis?
To assess the impact of changes in input variables
True or false: Decision analysis is the application of an analytical method for comparing decision options.
True
True or false: Decision analysis assists in making decisions when the decision is simple and there is certainty about all the information.
False
True or false: Decision analysis graphically displays choices and facilitates the calculation of values needed to compare options.
True
True or false: The fourth step in decision analysis is to specify possible costs, outcomes, and probabilities.
True
True or false: The sixth step in decision analysis is to conduct a sensitivity analysis.
True
Test your knowledge on decision analysis with this quiz! Learn about the definition and purpose of decision analysis, the steps for performing it, and how to draw a decision tree. Calculate average costs and outcomes from a decision tree and interpret threshold analysis graphs. Challenge yourself and enhance your understanding of decision analysis concepts.
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