« previous next »

Author Question: When a decision maker is faced with several alternatives and an uncertain set of future events, s/he ... (Read 122 times)

savannahhooper

  • Hero Member
  • *****
  • Posts: 576
on: Jun 24, 2018
When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses ______ to develop an optimal strategy.
 a. utility theory b. predictive analytics
  c. data mining d. decision analysis

Question 2

Simulation optimization helps
 a. in identifying the constraints of the situation.
  b. to find good decisions in highly complex and highly uncertain settings.
  c. in assigning values to outcomes.
  d. to model certainty using optimization techniques.


JCABRERA33

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 24, 2018
Answer to Question 1

d
RATIONALE: The techniques of decision analysis can be used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain set of future events.

Answer to Question 2

b
RATIONALE: Simulation optimization combines the use of probability and statistics to model uncertainty with optimization techniques to find good decisions in highly complex and highly uncertain settings.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Summary of events in the killing of virus-infected cells by cytotoxic T cells. Summary of events in the killing of virus-infected cells by cytotoxic T cells.
Saffron-faced Blue Dart Pseudagrion rubriceps Saffron-faced Blue Dart Pseudagrion rubriceps
Major Events in the History of Psychology (5 of 6) Major Events in the History of Psychology (5 of 6)
How to calculate the probability of complementary events How to calculate the probability of complementary events
Events in human fertilization. The light micrograph shows a fertilized human oocyte. Events in human fertilization. The light micrograph shows a fertilized human oocyte.
Major Events in the History of Life Major Events in the History of Life
Video: Homeostasis (range of body conditions, normal limits, mild stresses & severe stresses)

For a complete list of videos, visit our video library