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Author Question: Which of the following techniques use the concept of expected value? a. Decision trees b. Payoff ... (Read 49 times)

Kthamas

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on: Jul 21, 2018
Which of the following techniques use the concept of expected value?
 
 

a. Decision trees
  b. Payoff matrices
  c. Inventory models
  d. Both a and b
  e. Both b and c



Question 2

In using payoff matrices, we multiply each potential payoff associated with a decision
  alternative by its probability and sum the answers. What do we determine using this
  procedure?


 
 

a. An expected value
  b. A probability estimate
  c. The amount we will make if we implement the alternative
  d. The decision value
  e. The optimal value of the alternative



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sarahccccc

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Reply #1 on: Jul 21, 2018
Answer to Question 1

D

Answer to Question 2

A


Kthamas

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Reply #2 on: Jul 21, 2018
Both answers were spot on, thank you once again


sarahccccc

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Reply #3 on: Jul 21, 2018
Great! Please up vote :D


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