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True or False
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1.
The first step in decision analysis is to evaluate the list of alternatives.
A)True
B)False
2.
Certainty is a situation that exists when it is known which state of nature will occur.
A)True
B)False
3.
The expected value of perfect information (EVPI) is the minimum expected value of the regret.
A)True
B)False
4.
Minimax opportunity loss and minimax regret are actually the same thing.
A)True
B)False
5.
With both risk and uncertainty the probabilities for events are known.
A)True
B)False
6.
One cause of poor decisions is bounded rationality.
A)True
B)False
7.
Sensitivity analysis consists of determining the range of values of the payoffs over which the choice of an alternative remains the same.
A)True
B)False
8.
Maximin means to choose the alternative with the best of the worst possible payoffs.
A)True
B)False





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