Decision Analysis, Management Science Questions
1. Payoffs always represent profits in decision analysis problems. --> T/F
2. As the name suggests, the maximum likelihood criterion says to focus on the largest payoffs. --> T/F
3. Using Bayes' decision rule will always lead to larger payoffs. --> T/F
4. A utility function for money can be constructed by applying a lottery procedure. --> T/F
5. Which of the following is not a criterion for decision making? --> EVPI, MAximin, MAximax, Bayes Decision Rule, All the above.