Please state TRUE or False

Decision analysis involves the decomposition of a decision problem into a set of smaller problems which are dealt with separately and then integrated for selecting the course of action

Select one:

True

False

Please indicate if following statement is TRUE or FALSE

Heuristics are approximate methods which seek to find out satisfactory and not optimal solution to a problem.

Select one:

True

False

Choose the best suited one out of following statements :

Select one:

a.

Use of decision analysis provides a documented and defensible rationale for a given decision and enhances communication within decision-making teams

b.

All the above

c.

Decision analysis allows managers to use time effectively and enables them to structure and clarify their thinking. It encourages decision makers to explore trade-offs between attributes and both clarifies and challenges their perceptions of risk and uncertainty.

d.

Decision analysis overcomes the limitations of unaided decision making using heuristics.

Please mention if following statement is TRUE or FALSE

Compensatory strategies involve less cognitive effort than non-compensatory ones

Select one:

True

False

TRUE or FALSE

The Lexicographic strategy is used where attributes can be ranked in order of importance

Select one:

True

False

PLEASE MENTION MISSING WORDS BELOW---

Full form of the technique SMART is ------------------------------

Answer:

Indicate TRUE or FALSE

Analytical Hierarchy Process (AHP) allows decision makers to express their preferences in numbers instead of words.

Select one:

True

False

Please state TRUE or FALSE

Value functions are used in decisions where uncertainty is a major concern

Select one:

True

False

Please fill up the blanks -

Probability distribution shows all the possible ----------------- and their -------------------------------

Probability tree shows the possible events in ---------------- order from left to right

---------------- distribution function gives the probability that a variable will have a value less than a particular value

Please fill up the blanks - Probability tree shows the possible events in ---------------- order from left to right	Answer 1Choose...cumulativechronologicalevents, distribution
Please fill up the blanks ---------------- distribution function gives the probability that a variable will have a value less than a particular value	Answer 2Choose...cumulativechronologicalevents, distribution
Please fill up the blanks - Probability distribution shows all the possible ----------------- and their -------------------------------	Answer 3Choose...cumulativechronologicalevents, distribution

PLEASE FILL UP THE BLANK

The main purpose of decision analysis is to yield insight and understanding about the decision problem rather than to impose an -------------- solution.

Answer:

Please select the right answer from the list-

AHP has been criticized for --

Select one:

a.

Versatility in application involving uncertainty

b.

Does not allow checking inconsistencies in judgment of decision maker

c.

Difficulty in conversion from verbal to numerical scale

d.

Redundancy allowing consistency to be checked

PL INDICATE IF FOLLOWING IS TRUE OR FALSE

SMARTER is a simplified form of SMART with its full form as SMART exploiting ranks

Select one:

True

False

Select the best answer from the following choices -

Decision trees can serve a number of purposes when complex multi-stage problems are encountered because it -----

Select one:

a.

can help a decision maker to develop a clear view of the structure of a problem

b.

makes it easier to determine the possible scenarios which can result if a particular course of action is chosen

c.

can do all the above

d.

can lead to creative thinking and the generation of options

Please fill up the blank

The main problem with the maximin criterion is its inherent pessimism but this criterion may be appropriate where decisions involve ------------- .

In a decision tree, the branches which stem from node represent the possible .............. of a given course of action

The expected monetary value (EMV) is calculated by .................. each outcome by its probability of occurrence

Decision making problems involving both uncertainty and multiple objectives can be solved using the philosophy of ....

Pl fill in the blank -- Decision making problems involving both uncertainty and multiple objectives can be solved using the philosophy of ....	Answer 1Choose...divide and conquerSAFETYOUTCOMEMULTIPLYING
Please fill up the blank In a decision tree, the branches which stem from node represent the possible ............. of a given course of action	Answer 2Choose...divide and conquerSAFETYOUTCOMEMULTIPLYING
Please fill up the blank The main problem with the maximin criterion is its inherent pessimism but this criterion may be appropriate where decisions involve ------------- .	Answer 3Choose...divide and conquerSAFETYOUTCOMEMULTIPLYING
Pl fill in the blank The expected monetary value (EMV) is calculated by .........................each outcome by its probability of occurrence	Answer 4Choose...divide and conquerSAFETYOUTCOMEMULTIPLYING

Please choose the right answer from the following

Relative strength of Even Swaps vis--vis SMART is it ......

1. Does not need practice and hence new users may find it easier to use

2. Can avoid the need to assign scores to measure the performance of the alternatives on each attribute

3.May have a neutral effect on choice

Select one:

1.

Does not need practice and hence new users may find it easier to use

2.

Can avoid the need to assign scores to measure the performance of the alternatives on each attribute

3.

May have a neutral effect on choice