Mat540 Quiz1

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Question 1
2 out of 2 points
| |
| The basic decision environment categories areAnswer | | | | | Selected Answer:|    all of the above|
Correct Answer:|    all of the above|
| | | |
Question 2
2 out of 2 points
| |
| The maximax criterion results in theAnswer | | | |
| Selected Answer:|    maximum of the maximum payoffs| Correct Answer:|    maximum of the maximum payoffs|
| | | |
Question 3
2 out of 2 points
| |
| The maximin approach to decision making refers toAnswer | | | | | Selected Answer:|    maximizing the minimum return| Correct Answer:|    maximizing the minimum return|
| | | |
Question 4
2 out of 2 points
| |
| The maximax criterion results in the maximum of the minimum payoffs.  Answer | | | |
| Selected Answer: |  False|
Correct Answer: |  False|
| | | |
Question 5
2 out of 2 points
| |
| A state of nature is an actual event that may occur in the future.  Answer | | | |
| Selected Answer: |  True|
Correct Answer: |  True|
| | | |
Question 6
2 out of 2 points
| |
| The minimax regret criterionAnswer | | | |
| Selected Answer:|    minimizes the maximum regret|
Correct Answer:|    minimizes the maximum regret|
| | | |
Question 7
2 out of 2 points
| |
| Regret is the difference between the payoff from the best decision and all other decision payoffs.  Answer | | | |
| Selected Answer: |  True|
Correct Answer: |  True|
| | | |
Question 8
2 out of 2 points
| |
| A dominant decision is one that has better payoff than another decision under each state of nature.  Answer | | | |
| Selected Answer: |  True|
Correct Answer: |  True|
| | | |
Question 9
2 out of 2 points
| |
| The equal likelihood criterion multiplies the decision payoff for each state of nature by an equal weight.  Answer | | | |
| Selected Answer: |  True|
Correct Answer: |  True|
| | | |
Question 10
2 out of 2 points
| |
| The coefficient of optimism is a measure of the decision maker's optimism.  Answer | | | |
| Selected Answer: |  True|
Correct Answer: |  True|
| | | |
Question 11
2 out of 2 points
| |
| The term opportunity loss is most closely related toAnswer | | | | | Selected Answer:|    minimax regret|
Correct Answer:|    minimax regret|
| | | |
Question 12
0 out of 2 points
| |
| The maximin criterion results in the maximum of the minimum payoffs.  Answer | | | |
| Selected Answer: |  False|
Correct Answer: |  True|
| | | |
Question 13
2 out of 2 points
| |
| The Hurwicz criterion is a compromise between the maximax and maximin criteria.  Answer | | | |
| Selected Answer: |  True|
Correct Answer: |  True|
| | | |
Question 14
2 out of 2 points
| |
| Regret is the difference between the payoff from theAnswer | | | | | Selected Answer:|    best decision and all other decision payoffs| Correct Answer:|    best decision and all other decision payoffs|

| | | |
Question 15
2 out of 2 points
| |
| Determining the worst payoff for each alternative and choosing the alternative with the best worst is calledAnswer | | | | | Selected Answer:|    maximin|
Correct Answer:|    maximin|
| | | |
Question 16
2 out of 2 points
| |
| Expected opportunity loss is the expected value of the regret for each decision.  Answer | | | |
| Selected Answer: |  True|
Correct Answer: |  True|
| | | |
Question 17
2 out of 2 points
| |
| The ______________ minimizes the maximum regret.Answer | | | | | Selected Answer:|    minimax regret criterion|
Correct Answer:|    minimax regret criterion|
| | | |
Question 18
2 out of 2 points
| |
| The maximin criterion results in theAnswer | | | |
|...
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