QUESTION 3 a) Decision making consist of two characteristic which are programmed and non-programmed decision. Explain the different between them. b) In general, there are three different condition under decision making which are certainty. risk and uncertainty. Elaborate all the condition.
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- Q5) what do you understand by rational decision making? How and what accepts will and should be used while reaching a decision? Part II) What is bounded reality decision? Why is bounded reality important and how can it be used to achieve a good result in achieving a rationally bounded reality? Part II) what are rational decision making steps understood by you explain all 7 in your own words? 17 米 in num k $ % & 8 ) 4 5 6 7 8 9. E R 5 | { G H 2 K 3 + || 同 国 # M2. Pandemic of Covid-19 is the example for programmed decision. (True/ False)O HELP CENTER Incorrect Question 7 0/ 5 pts What is the major disadvantage to the expected value criterion in a decision trec? creating a correct decision tree modeling the decision process none of the other choices Expected values work best for a decision made many times. designing experiments to get posterior probabilities 5/5 pts Question 8 Which type of decision making is exemplified by the use of a decision tree with an expected-value criterion? none of the other choices decision making under certairty decision making under risk decislon making under uncertainty 0/5 pts incorrect Question 9
- Seneca Hill Winery recently purchased land for the purpose of establishing a new vineyard. Management is considering two varieties of white grapes for the new vineyard: Chardonnay and Riesling. The Chardonnay grapes would be used to produce a dry Chardonnay wine, and the Riesling grapes would be used to produce a semidry Riesling wine. It takes approximately four years from the time of planting before new grapes can be harvested. This length of time creates a great deal of uncertainty concerning future demand and makes the decision concerning the type of grapes to plant difficult. Three possibilities are being considered: Chardonnay grapes only; Riesling grapes only; and both Chardonnay and Riesling grapes. Seneca management decided that for planning purposes it would be adequate to consider only two demand possibilities for each type of wine: strong or weak. With two possibilities for each type of wine it was necessary to assess four probabilities. With the help of some forecasts in…Answer A.2 a-e a-c is in the picture here is d and e d) What is the qually likely decision? e) Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV.• Rajah is the Unilever’s local jewel in the curry powder category in South Africa. A brand under the Robertson’s banner.• Rajah is market leader in curry powders with dominant market share.• Key passport factors are colour, aroma and delicious taste to any meal and Rajah is the essential 1. We distinguish between three types of decision making; real and impulse and habitual decision making. Identify the type of decision Rajah would fall into and substantiate your answer.
- Scenario You are the product line manager for a snow board manufacturing company based in Provo, Utah. As product line manager for the company’s Xtreme line, you are ultimately responsible for all aspects of production as well as the profitability of the line. You have direct authority over the production, marketing and sales of the company’s Xtreme line of snowboards. The first quarter sales figures are in and you see that sales are down and in several key markets you no longer hold the #1 position. You are concerned that when you attend the quarterly management meeting that this poor performance is going to be a topic of much discussion. Several months ago, you received information from an overseas manufacturer that can manufacture the bindings for the snow board at a fraction of your current cost to produce them in-house. This will lower the cost to produce the Xtreme line allowing the company to increase their margin, lower prices to customers or some combination of both.…true or false 6. Certainty-equivalence methods were found to yield greater risk seeking than probability-equivalence methods.05) what do you understand by rational decision making? How and what accepts will and should be used while reaching a decision? Part II) What is bounded reality decision? Why is bounded reality important and how can it be used to achieve a good result in achieving a rationally bounded reality? Part III) what are rational decision making steps understood by you explain all 7 in your own words? ch f10 Inum Ik $ 8 ( % & 3 ( 4 6 7 8 E R 6 P |困