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Chapter 17 review quiz

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Statistics Chapter 17

Frage 1 von 25

1

There are three components to any decision:

Wähle eine der folgenden:

  • 1. the choices available, or alternatives
    2. the states of nature, which are not under the control of the decision maker
    3. the payoffs

  • 1. The goals of the decider
    2. The steps to reach the goal
    3. The risks invovled

  • 1. The total list of options
    2. The option with the best return
    3. Selecting the best option

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Frage 2 von 25

1

Event

Wähle eine der folgenden:

  • Uncertainty regarding future demand.
    State of nature (future demand) unknown. Decision maker has no control over state of nature.

  • Two or more courses of action open to decision maker. Decision maker must evaluate alternatives.
    Decision maker selects a course of action based on certain criteria.
    Depending on the set of circumstances, these criteria may be quantitative, psychological, sociological, and so on.

  • Profit. Break even. Loss.

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Frage 3 von 25

1

Act

Wähle eine der folgenden:

  • Uncertainty regarding future demand.
    State of nature (future demand) unknown. Decision maker has no control over state of nature.

  • Two or more courses of action open to decision maker. Decision maker must evaluate alternatives.
    Decision maker selects a course of action based on certain criteria.
    Depending on the set of circumstances, these criteria may be quantitative, psychological, sociological, and so on.

  • Profit. Break even. Loss.

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Frage 4 von 25

1

Outcome Payoff Consequence

Wähle eine der folgenden:

  • Profit. Break even. Loss.

  • Two or more courses of action open to decision maker. Decision maker must evaluate alternatives.
    Decision maker selects a course of action based on certain criteria.
    Depending on the set of circumstances, these criteria may be quantitative, psychological, sociological, and so on.

  • Uncertainty regarding future demand.
    State of nature (future demand) unknown. Decision maker has no control over state of nature.

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Frage 5 von 25

1

EMV(Ai)

Wähle eine der folgenden:

  • refers to the expected monetary value of decision alternative, i. There may be many decisions possible. We will let 1 stand for the first decision, 2 for the second, and so on. The lower- case letter i represents the entire set of decisions.

  • refers to the probability of the states of nature. There can be an unlimited number, so we will let j represent this possible outcome.

  • refers to the value of the payoffs. Note that each payoff is the result of a combination of a decision alternative and a state of nature.

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Frage 6 von 25

1

P(Sj)

Wähle eine der folgenden:

  • refers to the probability of the states of nature. There can be an unlimited number, so we will let j represent this possible outcome.

  • refers to the value of the payoffs. Note that each payoff is the result of a combination of a decision alternative and a state of nature.

  • refers to the expected monetary value of decision alternative, i. There may be many decisions possible. We will let 1 stand for the first decision, 2 for the second, and so on. The lower- case letter i represents the entire set of decisions.

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Frage 7 von 25

1

V(Ai, Sj)

Wähle eine der folgenden:

  • refers to the value of the payoffs. Note that each payoff is the result of a combination of a decision alternative and a state of nature.

  • refers to the probability of the states of nature. There can be an unlimited number, so we will let j represent this possible outcome.

  • refers to the expected monetary value of decision alternative, i. There may be many decisions possible. We will let 1 stand for the first decision, 2 for the second, and so on. The lower- case letter i represents the entire set of decisions.

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Frage 8 von 25

1

A method to analyze a decision regarding which property to buy is to determine the profit that might be lost because the state of nature (the market behaviour) was not known at the time the land developer bought the land.

Wähle eine der folgenden:

  • opportunity loss or regret

  • opportunity gains

  • best decision method

  • opportunity decision regret

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Frage 9 von 25

1

An opportunity loss table can be developed by taking:

Wähle eine der folgenden:

  • The difference between the optimal decision and any other decision made.

  • The difference between the opportunity loss and the optimal decision made.

  • The difference between the opportunity loss and any other decision made

  • The difference between the optimal and the least optimal decisions.

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Frage 10 von 25

1

EOL(Ai)

Wähle eine der folgenden:

  • refers to the expected opportunity loss for a particular decision alternative.

  • refers to the probability associated with the states of nature, j.

  • refers to the regret or loss for a particular combination of a state of nature and a decision alternative.

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Frage 11 von 25

1

P(Sj)

Wähle eine der folgenden:

  • refers to the expected opportunity loss for a particular decision alternative.

  • refers to the probability associated with the states of nature, j.

  • refers to the regret or loss for a particular combination of a state of nature and a decision alternative.

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Frage 12 von 25

1

R(Ai, Sj)

Wähle eine der folgenden:

  • refers to the expected opportunity loss for a particular decision alternative.

  • refers to the probability associated with the states of nature, j.

  • refers to the regret or loss for a particular combination of a state of nature and a decision alternative.

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Frage 13 von 25

1

The lowest expected opportunity loss and highest expected payoff will...

Wähle eine der folgenden:

  • Always lead to the same decision concerning which course of action to follow.

  • Always lead to the opposite decision concerning which course of action to follow.

  • Usually lead to a similar decision concerning which course of action to follow.

  • Always lead to a different decision concerning which course of action to follow.

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Frage 14 von 25

1

maximin strategy

Wähle eine der folgenden:

  • The strategy that maximizes the minimum gain

  • The strategy that maximizes the maximum gain

  • The strategy that minimizes the maximum regret

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Frage 15 von 25

1

maximax strategy

Wähle eine der folgenden:

  • The strategy that maximizes the minimum gain

  • The strategy that maximizes the maximum gain

  • The strategy that minimizes the maximum regret

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Frage 16 von 25

1

minimax regret strategy

Wähle eine der folgenden:

  • The strategy that maximizes the minimum gain

  • The strategy that maximizes the maximum gain

  • The strategy that minimizes the maximum regret

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Frage 17 von 25

1

Value of perfect information is

Wähle eine der folgenden:

  • The difference between the maximum payoff under conditions of certainty and the maximum payoff under uncertainty.

  • The difference between the minimum payoff under conditions of uncertainty and the minimum payoff under certainty.

  • Very valuable information

  • Statistical data with a zero degree of error.

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Frage 18 von 25

1

Sensitivity analysis

Wähle eine der folgenden:

  • lets you see how accurate the probability estimates must be to feel comfortable with
    your choice.

  • Analysis how sensitive the data is to inclimate weather or acts of god.

  • Is the first step in the decision process.

  • Compares objections being voiced with history of experiences.

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Frage 19 von 25

1

Decision trees

Wähle eine der folgenden:

  • Present a picture of the various courses of action and the possible states of nature.

  • Are long term plans to continually make the best decisions over time.

  • Is a method of growing the accuracy of a choice with more data.

  • Is an alphabetical list of all decisions options.

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Frage 20 von 25

1

backward induction

Wähle eine der folgenden:

  • Is a strategy to find the best decision in a decision tree.

  • Is a common mistake made by statisticians.

  • Is a decision tree constructed backwards.

  • Is the process of making a decision and verifying it afterwards.

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Frage 21 von 25

1

The various courses of action are called

Wähle eine der folgenden:

  • The acts or alternatives

  • The decisions

  • The probabilities

  • The Consequences

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Frage 22 von 25

1

The uncontrollable future events are called

Wähle eine der folgenden:

  • The acts or alternatives

  • The decisions

  • The states of Nature

  • The payoff table

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Frage 23 von 25

1

The consequence of a particular decision alternative and state of nature is called

Wähle eine der folgenden:

  • The payoff

  • The states of nature

  • The Probabilities

  • The acts or alternatives

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Frage 24 von 25

1

Probabilities are usually assigned to

Wähle eine der folgenden:

  • The states of nature

  • The acts or alternatives

  • The payoff

  • The decision

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Frage 25 von 25

1

All possible combinations of decision alternatives and states of nature result in

Wähle eine der folgenden:

  • A payoff table

  • The states of nature

  • The acts or alternatives

  • The probabilities

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