Item$1$

$3$

points

eBookAskReferencesCheck my workCheck My Work button is now disabled$3$Item $1$

Select the correct answer from the terms provided to complete the sentences below. There are more answers than questions, therefore some of the items will remain unused.

Absolute amounts

Final outcome probability

Probability node

Percentage deviation

Alternative life

Point estimate

Replacement machine

Parameter$($s$)$

Increment deviation, eg$,+5$ units

MARR

First cost

Chance cause

Measure of worth

Decision node

Fully$-$formulated alternative

Match each of the options above to the items below.

The first step in performing a sensitivity analysis is to select the $\_\_\_\_\_\_\_\_\_\_\_\_$Blank of interest that are most likely to vary from the estimate.

No answer

If three$-$estimate sensitivity analysis is used, an example for which the pessimistic estimate is probably the lowest value is $\_\_\_\_\_\_\_\_\_\_\_\_\_\_$Blank $.$

No answer

If the sensitivity of several parameters is shown on one graph, the scale of the x$-$axis should be $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$Blank from the most likely estimated value.

No answer

The expected value can be used for two purposes; one is to evaluate the expected economic viability of a $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$Blank $.$

No answer

Because an engineering alternative is implemented only once, the expected value of its PW is actually a $\_\_\_\_\_\_\_\_\_\_\_\_\_$Blank of the long$-$run average.

No answer

In a decision tree graph, the possible alternatives at each stage are indicated as branches from the $\_\_\_\_\_\_\_\_\_\_\_\_\_$Blank.