Mat540 Quiz1

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: