Question Details

IS 466 Decision Support Systems


MULTIPLE CHOICE QUESTIONS
1. Which of the following criteria represents an
aggressive/optimistic approach?
a. maximin
b. minimax
c. minimax regret
d. maximax

2. If it is assumed that each possible state of nature has an
equal likelihood of occurrence, the expected value criterion will
yield the same result as:
a. maximin.
b. minimax
c. maximax
d. the principle of insufficient reason.

3. The expected regret criterion will always yield the same
optimal decision as which other criterion?
a. maximin
b. minimax
c. minimax regret
d. expected value

4. The Bayesian approach in decision analysis:
a. utilizes sample information only.
b. utilizes prior information only.
c. chooses between sample and prior information.
d. combines sample and prior information.

5. The difference between “risk” and “uncertainty” in decision
analysis alludes to the difference between:
a. knowledge and uncertainty.
b. pessimism and optimism.
c. known and unknown probabilities.
d. aggression and conservatism.



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