-A __________ is a tool for organizing (or structuring) a decision, which takes into account different __________...
Question:
-A __________ is a tool for organizing (or structuring) a decision, which takes into account different __________ which might result under different __________.
A payoff table; payoffs; states of nature
B decision table; profits; costs
C payoff table; profits; times
D decision tree; payoffs; probabilities
-When using a payoff table to help make a decision, an optimistic decision-maker who wants to maximize payoffs while ignoring potential losses should follow a ____________ decision rule.
A maximax
B maximin
C minimax
D minimin
E none of the above
-When using a payoff table to help make a decision, a conservative decision-maker who wants to maximize payoffs while minimizing potential losses should follow a ____________ decision rule.
A maximax
B maximin
C minimax
D minimin
E none of the above
-A market forecaster reckons that economic conditions in the year 2020 are likely to be better than 2019 (40% chance), about the same as 2019 (30% chance), or worse than 2019 (30% chance). These condition categories represent
A payoffs
B investment risks
C decision choices
D states of nature
-The objective of Project Management is to
A Minimize project duration.
B Assure completion of the project by a certain date.
C Minimize project duration and cost while meeting customer requirements.
D Assure completion of the project within a certain budget
- In a project network (e.g., a PERT network), the actual project completion time will never exceed the expected duration of the activities on the critical path.
A true
B false
- “Slack”
A Is a concept developed to explain delays in project execution, and has no application in other models.
B Represents unused, idle, or left-over resources in a variety of models, including Project Scheduling.
C Consists of rubber bands which hold project plans, and which are a burden on the environment.
D Is a concept developed to overcome the problem of parallel activities in CPM networks.
Automation Production Systems and Computer Integrated Manufacturing
ISBN: 978-0132393218
3rd edition
Authors: Mikell P.Groover