Exam 1 Flashcards
What is a decision conference?
- A meeting where specialized decision support software is typically used
- A meeting where a model is built which includes factual data and value judgments elicited from the participants
What is even swaps?
- A simple method to help selecting the overall most attractive opinion in a multicriteria problem
- A method that uses dominance analysis between options
What is a ratio scale?
A ratios cale has an absolute zero and an arbitrary unit of measurement
What does the M-MACBETH decision support system?
Allows detecting dominates between options
A value scale generated by the decision support system M-MACBETH
- The value scale is obtained by solving a linear programming problem, which takes into account the judgments of the decision-maker
- Should be validated by the decision-maker as it is not unique
Which property should be observed by a single evaluation criterion in a multi criteria model?
- to be operational
- to e intelligible
- to be consensual
What descriptor of performance is best?
A direct descriptor of performance is preferable to a indirect descriptor and constructed descriptor of performance
Why should not ambiguous descriptors of performance be used?
They can confuse the decision maker
Name some information about PROBE ?
resource allocation to portfolios of projects
PROBE can deal with synergies involving more than two projects
common influence diagram?
starts with a decision node and then a chance node
what is the savage rule? (MiniMaxRegret)
The minimax regret approach is to minimize the worst-case regret.
what is conditional probability?
?
What is the expected value of information in a problem dominated by uncertainty?
- Expected value of information allows the decision-maker to know weather an expert is worth consulting for additional information
- Expected value of information always assumes a value between 0 and the expected value of perfect information
what is value of control?
?
Name some facts about the @RISKsoftware package!
- It allows modeling dependences among random variabels
- It produces cumulative risk profiles of the options in analysis, which allows comparing them
- @Risk requires a careful definition of the probability distributions of the input variables to produce adequate results