Mat 540 quiz 2 our professional experts

Mat 540 quiz 2 our professional experts

Week 3 Quiz 2:

Don't use plagiarized sources. Get Your Custom Essay on
Mat 540 quiz 2 our professional experts
Our work is always; • #Top-Quality • #Plagiarism-free
Order Essay

1. The coefficient of optimism is a measure of the decision maker’s optimism. TRUE/ FALSE

2. A payoff table is a means of organizing a decision situation, including the payoffs from different decisions given the various states of nature. TRUE/ FALSE

3. The maximin criterion results in the maximum of the minimum payoffs. TRUE/ FALSE

4. A state of nature is an actual event that may occur in the future. TRUE/ FALSE

5. The ______________ minimizes the maximum regret.

maximax regret criterion

minimax regret criterion

minimin regret criterion

maximin regret criterion

6. The maximin criterion results in the

minimum of the maximum payoffs

maximum of the maximum payoffs

maximum of the minimum payoffs

minimum of the minimum payoffs

7. A dominant decision is one that has better payoff than another decision under each state of nature. TRUE/ FALSE

8. The maximin approach to decision making refers to

minimizing the maximum return

maximizing the minimum return

maximizing the maximum return

minimizing the minimum return

9. The maximax criterion results in the maximum of the minimum payoffs. TRUE/ FALSE

10. Determining the worst payoff for each alternative and choosing the alternative with the best worst is called

maximin

minimin

maximax

minimax

11. The Hurwicz criterion is a compromise

for the maximin criterion

for the maximax criterion

between the maximax and maximin criteria

none of the above

12. The maximax criterion results in the

maximum of the minimum payoffs

maximum of the maximum payoffs

minimum of the maximum payoffs

minimum of the minimum payoffs

13. Regret is the difference between the payoff from the best decision and all other decision payoffs.  TRUE/ FALSE

14. Regret is the difference between the payoff from the

best decision and all other decision payoffs

worst decision and all other decision payoffs

best decision and the worst decision payoffs

none of the above

15. The minimax regret criterion

maximizes the minimum regret

minimizes the minimum regret

minimizes the maximum regret

maximizes the maximum regret

16. The Hurwicz criterion is a compromise between the maximax and maximin criteria.

TRUE/ FALSE

 

17. The term opportunity loss is most closely related to

maximin regret

maximax regret

minimax regret

minimin regret

18. The equal likelihood criterion multiplies the decision payoff for each state of nature by an equal weight.   TRUE/ FALSE

 

19. The basic decision environment categories are

certainty

risk

uncertainty

all of the above

20. Expected opportunity loss is the expected value of the regret for each decision.

TRUE/ FALSE

Place Your Order
(275 Words)

Approximate Price: $9

Calculate the price of your order

275 Words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total Price:
$9
The price is based on these factors:
Academic Level
Number of Pages
Urgency
Principle features
  • Free cover page and Reference List
  • Plagiarism-free Work
  • 24/7 support
  • Affordable Prices
  • Unlimited Editing
Upon-Request options
  • List of used sources
  • Anytime delivery
  • Part-by-part delivery
  • Writer’s sample papers
  • Professional guidance
Paper formatting
  • Double spaced paging
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)
  • 275 words/page
  • Font 12 Arial/Times New Roman

•Unique Samples

We offer essay help by crafting highly customized papers for our customers. Our expert essay writers do not take content from their previous work and always strive to guarantee 100% original texts. Furthermore, they carry out extensive investigations and research on the topic. We never craft two identical papers as all our work is unique.

•All Types of Paper

Our capable essay writers can help you rewrite, update, proofread, and write any academic paper. Whether you need help writing a speech, research paper, thesis paper, personal statement, case study, or term paper, Homework-aider.com essay writing service is ready to help you.

•Strict Deadlines

You can order custom essay writing with the confidence that we will work round the clock to deliver your paper as soon as possible. If you have an urgent order, our custom essay writing company finishes them within a few hours (1 page) to ease your anxiety. Do not be anxious about short deadlines; remember to indicate your deadline when placing your order for a custom essay.

•Free Revisions and Preview

To establish that your online custom essay writer possesses the skill and style you require, ask them to give you a short preview of their work. When the writing expert begins writing your essay, you can use our chat feature to ask for an update or give an opinion on specific text sections.

A Remarkable Student Essay Writing Service

Our essay writing service is designed for students at all academic levels. Whether high school, undergraduate or graduate, or studying for your doctoral qualification or master’s degree, we make it a reality.