Questions from General Operations Management

Q: Why are the maximax and maximin strategies considered to be optimistic and

Why are the maximax and maximin strategies considered to be optimistic and pessimistic, respectively?

Q: Describe a case where a decision tree will not be the optimal

Describe a case where a decision tree will not be the optimal model for decisions.

Q: Why is a decision tree appropriate for making decisions under risk?

Why is a decision tree appropriate for making decisions under risk?

Q: Give an example of a good decision you made that resulted in

Give an example of a good decision you made that resulted in a bad outcome. Also give an example of a bad decision you made that had a good outcome. Why was each decision good or bad?

Q: What is the equally likely decision model?

What is the equally likely decision model?

Q: Discuss the differences between decision making under certainty, under risk,

Discuss the differences between decision making under certainty, under risk, and under uncertainty.

Q: What is a decision tree?

What is a decision tree?

Q: Explain how decision trees might be used in several of the 10

Explain how decision trees might be used in several of the 10 OM decisions.

Q: Frito-Lay, the multi-billion-dollar snack food

Frito-Lay, the multi-billion-dollar snack food giant, requires vast amounts of water, electricity, natural gas, and fuel to produce its 41 well-known brands. In keeping with growing environmental conc...

Q: What is the expected value of perfect information (EVPI)?

What is the expected value of perfect information (EVPI)?