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    Click Here To Get Solution: MAT 540 Week 3 Quiz 2

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    Chun Yu Poon
    This document appears to be a quiz for a course on decision making. It contains multiple choice questions about key concepts in decision analysis, including states of nature, payoff tables, criteria for evaluating decisions like maximax, maximin, and Hurwicz. The questions cover topics like opportunity loss, regret, dominance, and the equal likelihood criterion for weighting payoffs when state probabilities are unknown.

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    Click Here To Get Solution: MAT 540 Week 3 Quiz 2

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    Chun Yu Poon
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    This document appears to be a quiz for a course on decision making. It contains multiple choice questions about key concepts in decision analysis, including states of nature, payoff tables, criteria for evaluating decisions like maximax, maximin, and Hurwicz. The questions cover topics like opportunity loss, regret, dominance, and the equal likelihood criterion for weighting payoffs when state probabilities are unknown.

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    This document appears to be a quiz for a course on decision making. It contains multiple choice questions about key concepts in decision analysis, including states of nature, payoff tables, criteria for evaluating decisions like maximax, maximin, and Hurwicz. The questions cover topics like opportunity loss, regret, dominance, and the equal likelihood criterion for weighting payoffs when state probabilities are unknown.

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    © All Rights Reserved
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    Download as doc, pdf, or txt
    45 views3 pages

    Click Here To Get Solution: MAT 540 Week 3 Quiz 2

    Uploaded by

    Chun Yu Poon
    This document appears to be a quiz for a course on decision making. It contains multiple choice questions about key concepts in decision analysis, including states of nature, payoff tables, criteria for evaluating decisions like maximax, maximin, and Hurwicz. The questions cover topics like opportunity loss, regret, dominance, and the equal likelihood criterion for weighting payoffs when state probabilities are unknown.

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    © All Rights Reserved
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    MAT 540 Week 3 Quiz 2


    Question 1
    The coefficient of optimism is a measure of the decision maker's optimism.

    Question 2
    A payoff table is a means of orani!in a decision situation" includin the payoffs from different
    decisions i#en the #arious states of nature.

    Question $
    The ma%imin criterion results in the ma%imum of the minimum payoffs.

    Question &
    A state of nature is an actual e#ent that may occur in the future.

    Question '
    The (((((((((((((( minimi!es the ma%imum reret.
    Question )
    The ma%imin criterion results in the
    Question *
    A dominant decision is one that has better payoff than another decision under each state
    of nature.
    Question +
    The ma%imin approach to decision makin refers to
    Question ,
    The ma%ima% criterion results in the ma%imum of the minimum payoffs.

    Question 1-
    .eterminin the /orst payoff for each alternati#e and choosin the alternati#e /ith the best
    /orst is called
    Question 11
    The Hur/ic! criterion is a compromise
    Question 12
    The ma%ima% criterion results in the
    Question 1$
    0eret is the difference bet/een the payoff from the best decision and all other decision
    payoffs.
    Question 1&
    0eret is the difference bet/een the payoff from the
    Question 1'
    The minima% reret criterion
    Question 1)
    The Hur/ic! criterion is a compromise bet/een the ma%ima% and ma%imin criteria.
    Question 1*
    The term opportunity loss is most closely related to
    Question 1+
    The e1ual likelihood criterion multiplies the decision payoff for each state of nature by an e1ual
    /eiht.
    Question 1,
    The basic decision en#ironment cateories are
    Question 2-
    2%pected opportunity loss is the e%pected #alue of the reret for each decision.

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