1. Which of the following is not one of the steps considered in the \"Six Steps
ID: 2900671 • Letter: 1
Question
1. Which of the following is not one of the steps considered in the "Six Steps in Decision Making"?
Clearly define the problem at hand
List the possible alternatives.
Apply the model and make your decision.
List the payoff or profit of each combination of alternatives and outcomes.
Evaluate the success of the decision.
2. What is the range of the Hurwicz criterion coefficient of realism ?
1 to 100
1 to 10
0 to 10
0 to 1
1 to 1
3. Which of the following is an assumption of the regression model?
The errors are independent.
The errors are not normally distributed.
The errors have a standard deviation of zero.
The errors have an irregular variance.
The errors follow a cone pattern.
4. In Bayesian analysis, conditional probabilities are also known as which of the following?
anterior probabilities
posterior probabilities
prior probabilities
marginal probabilities
joint probabilities
5. Optimistic decision makers tend to ________.
magnify favorable outcomes
ignore bad outcomes
discount favorable outcomes
magnify favorable outcomes and ignore bad outcomes
ignore bad outcomes and discount favorable outcomes
Clearly define the problem at hand
List the possible alternatives.
Apply the model and make your decision.
List the payoff or profit of each combination of alternatives and outcomes.
Evaluate the success of the decision.
2. What is the range of the Hurwicz criterion coefficient of realism ?
1 to 100
1 to 10
0 to 10
0 to 1
1 to 1
3. Which of the following is an assumption of the regression model?
The errors are independent.
The errors are not normally distributed.
The errors have a standard deviation of zero.
The errors have an irregular variance.
The errors follow a cone pattern.
4. In Bayesian analysis, conditional probabilities are also known as which of the following?
anterior probabilities
posterior probabilities
prior probabilities
marginal probabilities
joint probabilities
5. Optimistic decision makers tend to ________.
magnify favorable outcomes
ignore bad outcomes
discount favorable outcomes
magnify favorable outcomes and ignore bad outcomes
ignore bad outcomes and discount favorable outcomes
Explanation / Answer
Clearly define the problem at hand 1 to 10 The errors have a standard deviation of zero. posterior probabilities ignore bad outcomes and discount favorable outcomes
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