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-give info about a state of nature (e.g. demand weak/strong)-indicate what's going on in the future

the probabilities 4 expected value approach has to satisfy ... (2)

we can determine with certainty, prior to making a decision, which state of nature is going to occur

used to determine how changes in the probabilities for the states of nature or changes in the payoffs affect the recommended decision alternative

helps decision maker by describing how changes in the state of nature probabilities and/or changes in the payoffs affect the recommended decision alternative

difference between the payoff for the best decision alternative and the payoff for the decision for other alternatives

evaluates each decision alternative in terms of the best payoff that can occur*recommend decision alternative that provides the best possible payoff*maximum profit=largest profit*minimization = smallest payoff

a table showing payoffs for all combinations of decision alternatives and states of nature

used to develop an optimal strategy when a decision maker is faced with several decision alternatives and an uncertain or risk-filled pattern of future events

consequence resulting from a specific combination of a decision alternative and a state of nature

qui a répertorié les composant d'une structure

Step 3: Evaluating possible solutions: What are the probable benefits and possible negative consequences of each proposed solution?

Step 2: Generating and elaborating on possible solutions: What might be done to solve the problem we've described?

Select all that applyExamples of integer programming problems for capital budgeting include which of the following? (Please choose all that apply!) choosing among possible manufacturing plant locations or among new drug development projects. In these situations, it does not make sense to partially fund individual projects.Multiple select question.Choosing among possible manufacturing plant locationsChoosing among new drug development projectsChoosing which products to produce to maximize profitsChoosing which of the warehouses to use in order to deliver products to

In some situations, it is critical that decision variables are integers. The LP framework might find an unrealistic value. We use linear '_________________' programming, to provide integer solutions for the decision variables.

In Linear programming problems, constraints with slack or surplus in the LP solution are called '________________' constraints.

Intuitively, a transportation problem is feasible only when the total supply (i.e., the combined capacity of all warehouses) is

Prescriptive analytics, refers to using simulation and optimization algorithms to advise on which of the following?

Select all that applyThis term indicates the change in the optimized value of an objective function due to a 1-unit change in a binding constraint, holding the other parameters constant. Which of the following is a name for this term? Select all that apply!Multiple select question.Binding priceShadow priceDual priceConstraint price

We first demonstrate how to solve an LP problem with two decision variables through graphical representation. Which of the following do you plot on the graph?

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