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Category > Business & Finance Posted 02 Aug 2023 My Price 5.00

Business 302 Foundations of Leadership Chapter 5 Quiz 2 The Decision Analysis Approach to Decision Making in Business - Quiz & Worksheet

1. Sheridan is analyzing whether it is worth it to take on additional staff or not. She calculates that hiring two new salespeople could increase her annual sales by $500,000. This value of the decision to hire new staff is called a:

  1. State of nature
  2. Payoff
  3. Uncertainty
  4. Decision alternative

2. In decision analysis, any future events not under the control of the decision maker are called:

  1. States of nature
  2. Payoffs
  3. Decision alternatives
  4. Values

3. Ira is doing a decision analysis to decide whether to restructure his company or not. To deal with the uncertainties in his analysis, he should:

  1. Calculate the value of the total number of states of nature
  2. Ignore any uncertainties except states of nature
  3. Calculate only the value of certain outcomes
  4. Assign probabilities to each possible outcome

4. Henry is trying to decide between two different suppliers. In decision analysis, the two suppliers (or options) he's considering are called:

  1. Payoffs
  2. States of nature
  3. Decision alternatives
  4. Values

5. In decision analysis, money is called:

  1. States of nature
  2. Uncertainty
  3. Decision alternatives
  4. Value

Answers

SmartExpert
(118)
Status NEW Posted 02 Aug 2023 09:08 AM My Price 5.00

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1690969104-Chapter 5 Quiz 2 The Decision Analysis Approach to Decision Making in Business - Quiz Worksheet.pdf
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