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The probability that the authority will receive at least 2 bids is:
5.
An investor will make a profit next week if either a share rises in price on the London stock market by the end of trading next Monday or if the value of the US dollar rises against the Euro by the end of trading next Tuesday. The probability of the first event is 0.2 and the probability of the second is 0.3. Both events can be considered to be independent. The probability that the investor will make a profit next week is:
6.
The following table shows the results of a survey of the attitudes of potential purchasers towards a proposed new design for a product. The customers were categorized according to their ages.
Would not purchase
the product
Would purchase
the product
Total number of
potential customers
Aged under 50
Aged 50 or over
Totals
23
61
84
47
19
66
70
80
150
Assuming that the survey is reliable, p(would purchase the product | aged under 50) is equal to:
7.
With reference to the table in Question 6, p(aged under 50 | would purchase the product) is equal to:
13.
Which of these statements about the expected monetary value (EMV) criterion is not true?
15.
A manager choosing a marketing strategy for a new product indicates that she would be indifferent between achieving a 6% market share for certain within three years or adopting a risky strategy. This would yield either the best possible market share within three years of 11% with a probability of 0.7 and the worst possible market share of 1% with a probability of 0.3. Assuming that utilities are measured on a 0 to 1 scale, her utility for a 6% market share is:
18.
When mutual utility independence exists in a decision problem it:
19.
A decision maker is facing a decision involving two attributes and will be using the following formula to obtain multi-attribute utilities: u(x1, x2) = k1u(x1) + k2u(x2) + k3u(x1)u(x2) where x1 = the level of attribute 1 and x2 = the level of attribute 2. The value of k1 can be obtained by identifying when the decision maker will be indifferent between a lottery which will either result in both attributes being at their best values, or both at their worst values and an option where it is certain that:
20.
In a decision problem involving two attributes the difference between the worst and best levels of attribute 1 is much more important to a decision maker than the corresponding difference on attribute 2. Given the formula displayed in Question 19, which of these statements is true?
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00adminadmin2021-07-23 18:11:452021-07-23 18:11:45decision making under uncertainty 4
