1. Which of the following is NOT considered a step in the? decision-making process?
A. Select the best alternative. B. Clearly define the problem and the factors that influence it. C. Evaluate each alternative solution based on its merits and drawbacks. D. Develop specific and measurable objectives. E. Minimize costs whenever possible.
2. Expected monetary value is most appropriate for problem solving that takes? place:
A. under conditions of risk.
B. under conditions of uncertainty.
C. when all alternatives are equally likely.
D. when all states of nature are equally likely.
E. when conditions are average.