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Business Analytics Exam 1 (OSU BUSMGT 2321) questions & answers
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Business Analytics Exam 1 (OSU BUSMGT 2321) questions & answers
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Business Analytics Exam 1 (OSUBUSMGT 2321) questions & answers.
break-even point ANS - quantity where π = 0
indifference point ANS - quantity where decisions change
define the problem ANS - Decision Analysis step 1
list all alternatives (decision options) ANS - Decision Analysis step 2
identify all possible states of nature (outcomes) ANS - Decision Analysis step 3
identify payoffs (gain/loss from each combo of alternative and state of nature) ANS - Decision Analysis
step 4
choose modeling technique ANS - Decision Analysis step 5
strategic (decisions) ANS - decisions that take a long time and has significant consequences for an
incorrect decision (e.g. mergers/acquisitions)
tactical (decisions) ANS - decisions that take a significant amount of time and can have a high
consequence for the incorrect decision (e.g. forecasting production)
operational (decisions) ANS - decisions that take a limited amount of time and have a small
consequence for an incorrect decision
aggressive ANS - maximax criteria indicates ....................... behavior
, conservative ANS - maximin criteria indicates ...................... behavior
competitive ANS - minimax regret criteria indicates ..................... behavior
Maximax Criteria ANS - identify the maximum payoff for each decision. then select the decision with
the maximum payoff
Maximin Criteria ANS - identify the minimum payoff for each decision. then select the decision with the
maximum payoff
minimax regret criteria ANS - identify maximum regret for each decision. then select the decision with
the minimum regret.
identify the best outcome for each state of nature ANS - minimax regret table step 1
determine regret for each combination ANS - minimax regret table step 2
identify max regret for each option ANS - minimax regret table step 3
select decision with minimum regret (from maximums in step 3) ANS - minimax regret table step 4
optimistic ANS - Maximax criteria is considered....
pessimistic ANS - Maximin criteria is considered...
Monday morning Quarterback ANS - Minimax Regret is considered as a ............................ strategy.
expected monetary value ANS - EMV is an acronym for...
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