Question: Homework Assignment # 2: Chapter 3 Problem 1: A decision maker has purchased a new suit for $200. On the way out the door, the

Homework Assignment # 2: Chapter 3 Problem 1: A

Homework Assignment # 2: Chapter 3 Problem 1: A decision maker has purchased a new suit for $200. On the way out the door, the decision maker considers taking an umbrella. With the umbrella on hand, the suit will be protected in the event of rain. Without the umbrella, the suit will be ruined if it rains. However, if it does not rain, carrying the umbrella is an unnecessary inconvenience. Create a decision tree of this situation. Problem2: Consider the following situations that involve multiple objectives: (a) Suppose you want to go out for dinner. What are your fundamental objectives? Create a fundamental-objective hierarchy. (b) Suppose you are trying to decide where to go for a trip over spring break. What are your fundamental objectives? (c) You are about to become a parent, and you have to choose a name for your child. What are important objectives to consider in choosing a name? Hints: There is no one answer. Understanding the meaning of a fundamental (and its hierarchy) is the goal

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