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1. Which of the following refers to the random (chance) occurrences that can affect the outcome of an individual's decision? A. States of Nature B. Decision criteria С. Раyoff D. Decision Tree In decision analysis, which of the following is NOT a criterion for making decisions under uncertainty? A. Minimin criterion B. Maximax criterion C. Equally likely criterion D. Hurwicz criterion 3. Which of the following measures risk? A. Coefficient of variation B. Standard deviation C. Expected value D. Variance

1. Which of the following refers to the random (chance) occurrences that can affect the outcome of an individual's decision? A. States of Nature B. Decision criteria С. Раyoff D. Decision Tree In decision analysis, which of the following is NOT a criterion for making decisions under uncertainty? A. Minimin criterion B. Maximax criterion C. Equally likely criterion D. Hurwicz criterion 3. Which of the following measures risk? A. Coefficient of variation B. Standard deviation C. Expected value D. Variance

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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1. Which of the following refers to the random 6. A situation in which a decision maker knows all of the possible outcomes of a decision and also knows the probability associated with each outcome is referred to as (chance) occurrences that can affect the outcome of an individual's decision? A. States of Nature A. certainty В. risk В. Decision criteria С. Раyoff D. Decision Tree C. strategy D. uncertainty In decision analysis, which of the following is NOT a criterion for making decisions under 2. In the decision tree shown below, how many uncertainty? A. Minimin criterion 7. state of nature nodes are shown? В. Maximax criterion Action 2 4 Condition 3 C. Equally likely criterion D. Hurwicz criterion Action 1 3 Condition 1 Action 3 5 Condition 4 Action 4 3. Which of the following measures risk? A. Coefficient of variation B. Standard deviation Condition 2 A. C. Expected value В. С. 4 D. Variance D. 4. In terms of decision theory, an occurrence or situation over which the decision maker has no 8. A pessimistic decision making criterion is control is called a/an: sometimes called: A. alternative A. maximin criterion В. decision tree В. maximax criterion C. decision under certainty C. equally likely criterion D. state of nature D. decision making under certainty 5. A strategy that yields an expected monetary 9. A situation in which a decision maker must payoff of zero is called a A. Risk neutral strategy choose between strategies that have more than one possible outcome when the probability of B. Fair game each outcome is unknown is referred to as A. diversification B. certainty C. risk C. Zero-sum game D. Certainty equivalent D. uncertainty 2
Transcribed Image Text:1. Which of the following refers to the random 6. A situation in which a decision maker knows all of the possible outcomes of a decision and also knows the probability associated with each outcome is referred to as (chance) occurrences that can affect the outcome of an individual's decision? A. States of Nature A. certainty В. risk В. Decision criteria С. Раyoff D. Decision Tree C. strategy D. uncertainty In decision analysis, which of the following is NOT a criterion for making decisions under 2. In the decision tree shown below, how many uncertainty? A. Minimin criterion 7. state of nature nodes are shown? В. Maximax criterion Action 2 4 Condition 3 C. Equally likely criterion D. Hurwicz criterion Action 1 3 Condition 1 Action 3 5 Condition 4 Action 4 3. Which of the following measures risk? A. Coefficient of variation B. Standard deviation Condition 2 A. C. Expected value В. С. 4 D. Variance D. 4. In terms of decision theory, an occurrence or situation over which the decision maker has no 8. A pessimistic decision making criterion is control is called a/an: sometimes called: A. alternative A. maximin criterion В. decision tree В. maximax criterion C. decision under certainty C. equally likely criterion D. state of nature D. decision making under certainty 5. A strategy that yields an expected monetary 9. A situation in which a decision maker must payoff of zero is called a A. Risk neutral strategy choose between strategies that have more than one possible outcome when the probability of B. Fair game each outcome is unknown is referred to as A. diversification B. certainty C. risk C. Zero-sum game D. Certainty equivalent D. uncertainty 2
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