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OP MA
CHAPTER 2
| Question | Answer |
|---|---|
| A set of tools for operations manager | Quantitative methods |
| A set of quantitative decision-making techniques for decision situations in which uncertainty exists | Decision analysis |
| Method for organizing and illustrating payoffs from different decisions given various states of nature | Payoff table |
| It is the outcome of a decision | Payoff |
| Choose decision with the maximum of the maximum payoffs | Maximax |
| Choose decision with the maximum of the minimum payoffs | Maximin |
| Choose decision with the minimum of the maximum regrets for each alternative | Minimax regret |
| Choose decision in which decision payoffs are weighted by a coefficient of optimism, alpha. coefficient of optimism is a measure of a decision maker’s optimism, from 0 (completely pessimistic) to 1 (completely optimistic) | Hurwicz |
| Choose decision in which each state of nature is weighted equally | Equal likelihood (La Place) |
| A weighted average of decision outcomes in which each future state of nature is assigned a probability of occurrence | Expected value |
| The maximum value that a decision maker would be willing to pay for perfect information about future states of nature | Expected value of perfect information (EVP) |
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