1. List the steps in the decision-making process.
2. Explain the term bounded rationality.
3. Explain the term suboptimization.
4. What are some of the reasons for poor decisions?
5. What information is contained in a payoff table?
6. What is sensitivity analysis, and how can it be useful to a decision maker?
7. Contrast maximax and maximin decision strategies. Under what circumstances is each appropriate?
8. Under what circumstances is expected monetary value appropriate as a decision criterion? When isn't it appropriate?
9. What is the chief role of the operations manager?