Top 250+ Solved Management Science MCQ Questions Answer
Q. In a decision theory problem under complete uncertainty, which one of the followingapproaches will not be possible?
a. expected monetary value
b. maxmin
c. minimax
d. hurwicz
Q. For decision making under uncertainty, identify the decision rule that is appropriatefor the optimist.
a. laplace
b. maximax
c. minimax regret
d. maxmin
Q. What decision-making condition must exist for the decision tree to be a valuable tool?
a. certainty
b. uncertainty
c. risk
d. it does not matter, the tool is appropriate in all environments
Q. Which of the following is (are) types of decision-making environments?
a. decision making under uncertainty
b. decision making under certainty
c. decision making under risk
d. none of the above
Q. A good decision always implies that
a. will obtain the best final results
b. have used appropriate quantitative analysis.
c. have considered all alternatives
d. have followed a logical process.
Q. All of the following are steps in the decision-making process EXCEPT
a. define the problem
b. list alternatives
c. identify the possible outcomes
d. compute the posterior probabilities.
Q. Opportunity loss refers to
a. the expected value of a bad decision
b. the expected loss from a bad decision
c. the difference between actual pay off and the optimal pay off
d. the regret from not having made a decision
Q. The criteria of expected monetary value is used for making decisions under
a. certainty
b. uncertainty
c. risk
d. all of the above
Q. The maximax criteria is……..
a. optimistic
b. neutral
c. pessimistic
d. can be any one of the above
Q. Which of the following might be viewed as an optimistic decision criterion?
a. hurwicz criterion
b. maximin
c. maximax
d. minimax
Q. The minimum EOL will always result in the same decision as
a. minimax
b. maximin
c. maximum emv
d. maximax
Q. Decision theory is concerned with
a. methods of arriving at an optimal decision
b. selecting optimal decision in sequential manner
c. analysis of information that is available
d. all of the above
Q. Which of the following criterion is not used for decision making under uncertainty?
a. maximin
b. maximax
c. minimax
d. minimize expected loss
Q. The minimum expected opportunity loss is
a. equal to evpi
b. minimum regret
c. equal to emv
d. both (a) and (b)