QUESTION 5 When the overall process goes through several iterations before obtaining a satisfactory solution, this is call cycle QUESTION 6 A model can be considered requisite when no new intuitions emerge about the problem, True False QUESTION 7 America spends about $3.00 billion per year on tattoos. You plan to open a tattoo business and pay yourself a miminum wage each year of $26k. In addition to the fixed cost of your wage. $36k will be spent on rent, utilities and advertising. Your salary and the $36k will make up all of your fixed cost. Your variable cost per tatoo is $11 per tatoo, mainly for ink. Although you plan to charge about $150 per hour for large tatoos, you feel that on average you will average about $60 per tattoo and sell 2500 tattoos per year. What is your total fixed cost? (no decimals or dollar signs) Using the values in problem seven, what is the total revenue generated by the tattoo company from making 2500 tattoos per year. Making 2500 tattoos per year, what is the total cost per year for the tattoo company? At 2500 tattoos, what is the profit per year for the tattoo company? At 2500 tattoos, adding the profit to your buse salary what is the total profit plus salary for you? (no decimals or dollar signs in problem) The author gives four reasons why a decision my be difficult. Which of the following is not one that he gave? The decision can be complex The decision may have a degree of uncertainity The decision maker may be working toward multiple objectives, but progress in one direction may impede progress in another direction. The decision may be hampered by the lack of resources The problem may be difficult if different perspectives lead to different conclusions. QUESTION 2 People generally process information and make decisions in ways that are consistent with the decision analysis approach. True False QUESTION 3 Place the following in the correct order Implement the chosen alternative Is further analysis needed? Indentify the decision situation and understand the objectives Decompose and model the problem. Include problem structure, uncertainty, and preferences. Perform sensitivity analysis Identify Alternatives Choose the best alternative Most text books in decision analysis concentrate on modeling and solutions O True O False