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MAT 540 Week 3 Quiz 2


Question 1
The coefficient of optimism is a measure of the decision maker's optimism.

Question 2
A payoff table is a means of orani!in a decision situation" includin the payoffs from different
decisions i#en the #arious states of nature.

Question $
The ma%imin criterion results in the ma%imum of the minimum payoffs.

Question &
A state of nature is an actual e#ent that may occur in the future.

Question '
The (((((((((((((( minimi!es the ma%imum reret.
Question )
The ma%imin criterion results in the
Question *
A dominant decision is one that has better payoff than another decision under each state
of nature.
Question +
The ma%imin approach to decision makin refers to
Question ,
The ma%ima% criterion results in the ma%imum of the minimum payoffs.

Question 1-
.eterminin the /orst payoff for each alternati#e and choosin the alternati#e /ith the best
/orst is called
Question 11
The Hur/ic! criterion is a compromise
Question 12
The ma%ima% criterion results in the
Question 1$
0eret is the difference bet/een the payoff from the best decision and all other decision
payoffs.
Question 1&
0eret is the difference bet/een the payoff from the
Question 1'
The minima% reret criterion
Question 1)
The Hur/ic! criterion is a compromise bet/een the ma%ima% and ma%imin criteria.
Question 1*
The term opportunity loss is most closely related to
Question 1+
The e1ual likelihood criterion multiplies the decision payoff for each state of nature by an e1ual
/eiht.
Question 1,
The basic decision en#ironment cateories are
Question 2-
2%pected opportunity loss is the e%pected #alue of the reret for each decision.

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