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Chapter 17 review quiz

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Statistics Chapter 17

Pregunta 1 de 25

1

There are three components to any decision:

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 2 de 25

1

Event

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 3 de 25

1

Act

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 4 de 25

1

Outcome Payoff Consequence

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 5 de 25

1

EMV(Ai)

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 6 de 25

1

P(Sj)

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 7 de 25

1

V(Ai, Sj)

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 8 de 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.

Selecciona una de las siguientes respuestas posibles:

  • opportunity loss or regret

  • opportunity gains

  • best decision method

  • opportunity decision regret

Explicación

Pregunta 9 de 25

1

An opportunity loss table can be developed by taking:

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 10 de 25

1

EOL(Ai)

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 11 de 25

1

P(Sj)

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 12 de 25

1

R(Ai, Sj)

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 13 de 25

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 14 de 25

1

maximin strategy

Selecciona una de las siguientes respuestas posibles:

  • The strategy that maximizes the minimum gain

  • The strategy that maximizes the maximum gain

  • The strategy that minimizes the maximum regret

Explicación

Pregunta 15 de 25

1

maximax strategy

Selecciona una de las siguientes respuestas posibles:

  • The strategy that maximizes the minimum gain

  • The strategy that maximizes the maximum gain

  • The strategy that minimizes the maximum regret

Explicación

Pregunta 16 de 25

1

minimax regret strategy

Selecciona una de las siguientes respuestas posibles:

  • The strategy that maximizes the minimum gain

  • The strategy that maximizes the maximum gain

  • The strategy that minimizes the maximum regret

Explicación

Pregunta 17 de 25

1

Value of perfect information is

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 18 de 25

1

Sensitivity analysis

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 19 de 25

1

Decision trees

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 20 de 25

1

backward induction

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 21 de 25

1

The various courses of action are called

Selecciona una de las siguientes respuestas posibles:

  • The acts or alternatives

  • The decisions

  • The probabilities

  • The Consequences

Explicación

Pregunta 22 de 25

1

The uncontrollable future events are called

Selecciona una de las siguientes respuestas posibles:

  • The acts or alternatives

  • The decisions

  • The states of Nature

  • The payoff table

Explicación

Pregunta 23 de 25

1

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

Selecciona una de las siguientes respuestas posibles:

  • The payoff

  • The states of nature

  • The Probabilities

  • The acts or alternatives

Explicación

Pregunta 24 de 25

1

Probabilities are usually assigned to

Selecciona una de las siguientes respuestas posibles:

  • The states of nature

  • The acts or alternatives

  • The payoff

  • The decision

Explicación

Pregunta 25 de 25

1

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

Selecciona una de las siguientes respuestas posibles:

  • A payoff table

  • The states of nature

  • The acts or alternatives

  • The probabilities

Explicación

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