The decision table for the decision. Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.

Question

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Answer 1

Question

Chapter A, Problem 2P

a)

Summary Introduction

To determine: The decision table for the decision.

Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.

b.

Summary Introduction

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

c.

Summary Introduction

To determine: The minimax decision.

Introduction

Maximin is the decision making method which makes decision making under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.

d.

Summary Introduction

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

e.

Summary Introduction

To draw: Decision tree. Assume each outcome is equally likely, and find the highest EMV.

Introduction:

Decision tree is graphical representation of decision making process which has state of nature, alternative, payoffs and their probabilities of outcomes.

EMV: It is expected value or payout that has different possible state of nature, each with their associated possibilities.

Formula:

EMV=((Payoff of 1st state of nature)×(Probability of 1st state of nature)+(Payoff of 2nd state of nature)×(Probability of 2nd state of nature)+...+(Payoff of last state of nature)×(Probability of last state of nature))

Here probabilities are equal likely in each case. So probabilities of the be 1/3= 0.3333

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1) View the video Alton Bridge (12.16 mins, Ctrl + Click on the link), and please answer the following questions: https://meida.gaspar.mheducation.com/GASPARPlayer/play.html?id=24qHEm8aNZExFciJtZQbqli a) According to the video, what are the various steps involved in managing projects? b) What were the different phases of the Alton Bridge project? c) What are the two widely used scheduling techniques, and under what phase of the Alton Bridge project are they discussed? Note: As a rough guideline, please try to keep the written submission to a paragraph or so for each of the questions. 2) The following is a table of activities associated with a mining project at Lunar Industries, their durations, and what activities each must precede: Activity Duration (weeks) Precedes A (start) 1 B, C B 1 E C 4 F E 2 F F (end) 2 - The AOM project diagram is as given below: a) What is the critical path (list all activities in the…

1) View the video Alton Bridge (12.16 mins, Ctrl + Click on the link), and please answer the following questions: a) According to the video, what are the various steps involved in managing projects? b) What were the different phases of the Alton Bridge project? c) What are the two widely used scheduling techniques, and under what phase of the Alton Bridge project are they discussed? Note: As a rough guideline, please try to keep the written submission to a paragraph or so for each of the questions. 2) The following is a table of activities associated with a mining project at Lunar Industries, their durations, and what activities each must precede: Activity Duration (weeks) Precedes A (start) 1 B, C B 1 E C 4 F E 2 F F (end) 2 - The AOM project diagram is as given below:

With all the problems companies are currently facing, why do so many choose to expand into international markets? What are the advantages of expanding beyond the domestic market?

Answer 2

Question

Chapter A, Problem 2P

a)

Summary Introduction

To determine: The decision table for the decision.

Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.

b.

Summary Introduction

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

c.

Summary Introduction

To determine: The minimax decision.

Introduction

Maximin is the decision making method which makes decision making under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.

d.

Summary Introduction

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

e.

Summary Introduction

To draw: Decision tree. Assume each outcome is equally likely, and find the highest EMV.

Introduction:

Decision tree is graphical representation of decision making process which has state of nature, alternative, payoffs and their probabilities of outcomes.

EMV: It is expected value or payout that has different possible state of nature, each with their associated possibilities.

Formula:

EMV=((Payoff of 1st state of nature)×(Probability of 1st state of nature)+(Payoff of 2nd state of nature)×(Probability of 2nd state of nature)+...+(Payoff of last state of nature)×(Probability of last state of nature))

Here probabilities are equal likely in each case. So probabilities of the be 1/3= 0.3333

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Answer 3

Question

Chapter A, Problem 2P

a)

Summary Introduction

To determine: The decision table for the decision.

Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.

b.

Summary Introduction

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

c.

Summary Introduction

To determine: The minimax decision.

Introduction

Maximin is the decision making method which makes decision making under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.

d.

Summary Introduction

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

e.

Summary Introduction

To draw: Decision tree. Assume each outcome is equally likely, and find the highest EMV.

Introduction:

Decision tree is graphical representation of decision making process which has state of nature, alternative, payoffs and their probabilities of outcomes.

EMV: It is expected value or payout that has different possible state of nature, each with their associated possibilities.

Formula:

EMV=((Payoff of 1st state of nature)×(Probability of 1st state of nature)+(Payoff of 2nd state of nature)×(Probability of 2nd state of nature)+...+(Payoff of last state of nature)×(Probability of last state of nature))

Here probabilities are equal likely in each case. So probabilities of the be 1/3= 0.3333

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Answer 4

Question

Chapter A, Problem 2P

a)

Summary Introduction

To determine: The decision table for the decision.

Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.

b.

Summary Introduction

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

c.

Summary Introduction

To determine: The minimax decision.

Introduction

Maximin is the decision making method which makes decision making under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.

d.

Summary Introduction

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

e.

Summary Introduction

To draw: Decision tree. Assume each outcome is equally likely, and find the highest EMV.

Introduction:

Decision tree is graphical representation of decision making process which has state of nature, alternative, payoffs and their probabilities of outcomes.

EMV: It is expected value or payout that has different possible state of nature, each with their associated possibilities.

Formula:

EMV=((Payoff of 1st state of nature)×(Probability of 1st state of nature)+(Payoff of 2nd state of nature)×(Probability of 2nd state of nature)+...+(Payoff of last state of nature)×(Probability of last state of nature))

Here probabilities are equal likely in each case. So probabilities of the be 1/3= 0.3333

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Answer 5

Chapter A, Problem 2P

a)

Summary Introduction

To determine: The decision table for the decision.

Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.

b.

Summary Introduction

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

c.

Summary Introduction

To determine: The minimax decision.

Introduction

Maximin is the decision making method which makes decision making under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.

d.

Summary Introduction

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

e.

Summary Introduction

To draw: Decision tree. Assume each outcome is equally likely, and find the highest EMV.

Introduction:

Decision tree is graphical representation of decision making process which has state of nature, alternative, payoffs and their probabilities of outcomes.

EMV: It is expected value or payout that has different possible state of nature, each with their associated possibilities.

Formula:

EMV=((Payoff of 1st state of nature)×(Probability of 1st state of nature)+(Payoff of 2nd state of nature)×(Probability of 2nd state of nature)+...+(Payoff of last state of nature)×(Probability of last state of nature))

Here probabilities are equal likely in each case. So probabilities of the be 1/3= 0.3333

Answer 6

Chapter A, Problem 2P

a)

Summary Introduction

To determine: The decision table for the decision.

Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.

Answer 7

Chapter A, Problem 2P

a)

Summary Introduction

To determine: The decision table for the decision.

Introduction: Decision table is formats or visual representations were data is expressed arranged, determined and calculated to make a effective decision making. A decision table is a tabular representation that is used to analyze decision alternatives and states of nature.

Answer 8

b.

Summary Introduction

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

Answer 9

b.

Summary Introduction

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

Answer 10

c.

Summary Introduction

To determine: The minimax decision.

Introduction

Maximin is the decision making method which makes decision making under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.

Answer 11

c.

Summary Introduction

To determine: The minimax decision.

Introduction

Maximin is the decision making method which makes decision making under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.

Answer 12

d.

Summary Introduction

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

Answer 13

d.

Summary Introduction

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

Answer 14

e.

Summary Introduction

To draw: Decision tree. Assume each outcome is equally likely, and find the highest EMV.

Introduction:

Decision tree is graphical representation of decision making process which has state of nature, alternative, payoffs and their probabilities of outcomes.

EMV: It is expected value or payout that has different possible state of nature, each with their associated possibilities.

Formula:

EMV=((Payoff of 1st state of nature)×(Probability of 1st state of nature)+(Payoff of 2nd state of nature)×(Probability of 2nd state of nature)+...+(Payoff of last state of nature)×(Probability of last state of nature))

Here probabilities are equal likely in each case. So probabilities of the be 1/3= 0.3333

Answer 15

e.

Summary Introduction

To draw: Decision tree. Assume each outcome is equally likely, and find the highest EMV.

Introduction:

Decision tree is graphical representation of decision making process which has state of nature, alternative, payoffs and their probabilities of outcomes.

EMV: It is expected value or payout that has different possible state of nature, each with their associated possibilities.

Formula:

EMV=((Payoff of 1st state of nature)×(Probability of 1st state of nature)+(Payoff of 2nd state of nature)×(Probability of 2nd state of nature)+...+(Payoff of last state of nature)×(Probability of last state of nature))

Here probabilities are equal likely in each case. So probabilities of the be 1/3= 0.3333

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. A - Prob. 1DQ Ch. A - Prob. 2DQ Ch. A - Prob. 3DQ Ch. A - Prob. 4DQ Ch. A - Prob. 5DQ Ch. A - Question: 6. Explain how decision trees might be...Ch. A - Prob. 7DQ Ch. A - Prob. 8DQ Ch. A - Question 9. Identify the five steps in analyzing a...Ch. A - Prob. 10DQ

Concept explainers

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

Want to see the full answer?

Chapter A Solutions

Concept explainers

To determine: Maximax decision Introduction: Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

To determine: Equally likely decision Introduction Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.

Want to see the full answer?

Chapter A Solutions

To determine: Maximax decision

Introduction:

Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternatives.

To determine: Equally likely decision

Introduction

Equally likely is the decision method which come decision making under uncertainty. Under this condition, equal probability is assigned under each uncertainty state of nature.