Operation Research (3151910) MCQ

MCQs of Unit:6 Decision Theory

MCQ No - 1

A type of decision-making environment is

(A)

certainty 

(B)

uncertainty

(C)

risk

(D)

all of these


D
MCQ No - 2

Which of the following criterion is not used for decision-making under uncertainty?

(A)

maximin 

(B)

 maximax

(C)

minimax

(D)

minimize expected loss


D
MCQ No - 3

Decision theory is concerned with

(A)

methods of arriving at an optimal decision

(B)

selecting optimal decision in a sequential manner

(C)

analysis of information that is available

(D)

all of these


D
MCQ No - 4

Which of the following criterion is not applicable to decision-making under risk?

(A)

maximize expected return

(B)

 maximize return

(C)

minimize expect regret

(D)

knowledge of likelihood occurrence of each state of nature


B
MCQ No - 5

The minimum expected opportunity loss (EOL) is

(A)

equal to EVPI 

(B)

 minimum regret

(C)

equal to EMV

(D)

both (a) and (b)


D