Question Details

IS 466 Decision Support Systems


6. When using the maximax criterion, the optimal decision
alternative may be determined by simple inspection of the payoff
table.
7. The “principle of insufficient reason” indicates the decision
maker- belief that any state of nature is as likely to occur as any
other state. 
8. “Expected value” in decision analysis is synonymous with “most
likely value.” 
9. The optimal decision can change merely by introducing an
additional, non-optimal alternative when using the minimax regret
criterion. 
10. The states of nature in a payoff table should be mutually
exclusive and collectively exhaustive.




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