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1、Business Decision AnalysisReview Sections-ChoiceChapter 01Which of the following terms is interchangeable with quantitative analysis?A) management scienceB) economicsC) financial analysisD) statisticsE) None of the aboveWho is credited with pioneering the principles of the scientific approach to man
2、agement?A) Adam SmithB) Henri FayolC) John R. LockeD) Frederick W. TaylorE) Charles Babbage A(n) _ is a representation of reality or a real-life situation.A) objectiveB) modelC) analysisD) algorithmE) None of the aboveA set of logical and mathematical operations performed in a specific sequence is c
3、alled a(n)A) complete enumeration.B) diagnostic analysis.C) algorithm.D) objective.E) None of the aboveThe ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results. This type of analysis is called _ analysis.A
4、) sensitivityB) implicitC) normalD) scaleE) objectiveWhich of the following is not one of the steps in the quantitative analysis approach?A) Defining the ProblemB) Developing a SolutionC) Observing a hypothesisD) Testing a SolutionE) Implementing the ResultsThe condition of improper data yielding mi
5、sleading results is referred to asA) garbage in, garbage out.B) break-even point.C) uncontrollable variable.D) postoptimality.E) None of the aboveExpressing profits through the relationship among unit price, fixed costs, and variable costs is an example ofA) a sensitivity analysis model.B) a quantit
6、ative analysis model.C) a postoptimality relationship.D) a parameter specification model.E) None of the aboveChapter 02The classical method of determining probability isA) subjective probability.B) marginal probability.C) objective probability.D) joint probability.E) conditional probability.Subjecti
7、ve probability assessments depend onA) the total number of trials.B) the relative frequency of occurrence.C) the number of occurrences of the event.D) experience and judgment.E) None of the above If two events are mutually exclusive, thenA) their probabilities can be added.B) they may also be collec
8、tively exhaustive.C) the joint probability is equal to 0.D) if one occurs, the other cannot occur.E) All of the aboveA _ is a numerical statement about the likelihood that an event will occur.A) mutually exclusive constructB) collectively exhaustive constructC) varianceD) probabilityE) standard devi
9、ationA conditional probability P(B|A) is equal to its marginal probability P(B) ifA) it is a joint probability.B) statistical dependence exists.C) statistical independence exists.D) the events are mutually exclusive.E) P(A) = P(B).The equation P(A|B) = P(AB)/P(B) isA) the marginal probability.B) the
10、 formula for a conditional probability.C) the formula for a joint probability.D) only relevant when events A and B are collectively exhaustive.E) None of the aboveBayes theorem is used to calculateA) revised probabilities.B) joint probabilities.C) prior probabilities.D) subjective probabilities.E) m
11、arginal probabilities.If P(A) = 0.3, P(B) = 0.2, P(A and B) = 0.0 , what can be said about events A and B?A) They are independent.B) They are mutually exclusive.C) They are posterior probabilities.D) None of the aboveE) All of the aboveThe probability of event B, given that event A has occurred is k
12、nown as a _ probability.A) continuousB) marginalC) simpleD) jointE) conditionalWhen does P(A|B) = P(A)?A) when A and B are mutually exclusiveB) when A and B are statistically independentC) when A and B are statistically dependentD) when A and B are collectively exhaustiveE) when P(B) = 0Chapter 03An
13、 analytic and systematic approach to the study of decision making is referred to asA) decision making under risk.B) decision making under uncertainty.C) decision theory.D) decision analysis.E) decision making under certainty.Expected monetary value (EMV) isA) the average or expected monetary outcome
14、 of a decision if it can be repeated a large number of times.B) the average or expected value of the decision, if you know what would happen ahead of time.C) the average or expected value of information if it were completely accurate.D) the amount you would lose by not picking the best alternative.E
15、) a decision criterion that places an equal weight on all states of nature.Which of the following is not considered a criteria for decision making under uncertainty?A) optimisticB) pessimisticC) equally likelyD) random selectionE) minimax regretA pessimistic decision making criterion isA) maximax.B) equally likely.C) maximin.D) decision making under certainty.E) minimax regret.Which of the following is true about the expected value of perfect inform
