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4th 1st Sem > ORA M1-M4 [PRELIM] > Flashcards

ORA M1-M4 [PRELIM] Flashcards

1
Q

True False

In recent years, it has become clear that human beings are far from making
decisions in a rational way, either as an individual or as a part of a group.”

A

t

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2
Q

Psychological studies have found _____ experienced by human beings when
making decisions.

A

cognitive anomalies or biases

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3
Q

These cognitive biases and the increasing complexity of modern problems make it
extremely important to adopt a methodology for making _____ , _____, and _____ decisions.”

A

Straightforward
Effective
Safe

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4
Q

The _____ meets all these requirements (Straightforward, Effective, Safe), and since its appearance in 1980, it has been adopted and used by a large number of institutions all over the world

A

Analytic Hierarchy Process

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5
Q

___ an approach to decision making that involves structuing multiple choice criteria into a hierarchy, assessing relative importance of these criteria, comparing alternatives, and determining an overall ranking of the alternatives

A

Analytic Hierarchy Process

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6
Q

____ remains the most highly regarded and widely used decision making method

A

Analytic Hierarchy Process

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7
Q

the main procedure of Analytic Hierarchy Process is the ___

A

Radical root method or geometric mean method

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8
Q

MCDA problems are complex, it is beneficial to break them down and solve one sub prob at a time.

Break down occurs in 2 phases of the decision process, which are:

A

Problem Structuring
Prioritization through the use of pairwise comparisons

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9
Q

True or false

Odd numerical values in an intensity scale for criteria pairwise comparison needs “Compromise”

A

false,
Even

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10
Q

____ is used to determine the relative importance of criteria or
alternatives and is an integral part of many widely used decision-making tools. It is created with the help
of scale of relative importance.

A

Pairwise Comparison Matrix (PCM)

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11
Q

Another important consideration when completing the comparison matrix is the extend to which it respects the _____ (avoid
inconsistencies).

A

transitivity rule

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12
Q

____ decisions are the important decisions of the firm. These are usually taken by upper and middle level management. they usually relate to the policies of the firm or the strategic plan for the future.

A

Strategic Decisions

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13
Q

____ decisions pertaining to the policy and planning of the firm are knwon as policy decisions. Such decisions are usually resered for the firm’s top management officials. they have long term impact and reuire a great deal of analysis

A

tactical decisions

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14
Q

____ decisions are the decisions necessary to put to the policy decisions into action. these decisions help implement the plans and policies taken by the high level managers

A

operational decisions

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15
Q

_______ refers to making decisions in the presence of multiple, usually conflicting criteria

A

MCDM

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16
Q

____ methods have been developed to support the decision maker in their unique and personal decision process

A

Multi-criteria Decision analysis

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17
Q

The development of the ___ is closely related to the advancement of computer technology

A

MCDM

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18
Q

_____ relates to a number of discrete alternatives

A

MADM

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19
Q

_____ relates to an infinite or uncountable number of alternatives

A

MODM

20
Q

Two things that makes multiple objective decision making difficult:

A

Conflict among criteria
Incommensurable units:

21
Q

Problem identification is ____ in nature

A

Subjective

22
Q

_____ reflect the factors that decision makers think important in making the choice

A

Decision criteria (Price, comfort, etc.)

23
Q

t or f

Assessing weights may be highly subjective

A

t

24
Q

4 examples of Decision Analysis Tools

A

Decision tree
Game theory
Goal Programming
Analytical Hierarchy process

25
Q

4 examples of Operations Research Model

A

L. programming
Queueing theory
Dynamic Programming
Econ Order Quantity

26
Q

___ has been defined as an indication of the preferred direction of movement.

A

Objective

27
Q

When stating objectives, we use the terms ___ or ___

A

Maximize or minimize

28
Q

___ is used to measure performance in relation to an objective.

A

Attribute

29
Q

___ (highest or lowest) level in the structure of objectives are most specific and most operational

A

lowest level

30
Q

____ converts values into a common scale allowing for rating and ranking

A

normalization

31
Q

_____ is also known as weighted sum method, which is the simplest method that is widely used.

A

simple additive weighting

32
Q

____ method’s strategy is to avoid the worst-case scenario while maximizing the criterion
with the lowest performance.

▪ The alternative with the highest score on its weakest criterion is preferred.

A

Maximin method

33
Q

the ____ method chooses an alternative based on its best rather than worst attribute.

A

Maximax

34
Q

___ method requries that an alternative meet a minimum threshold for all attributes

A

Conjuctive method

35
Q

____ method requires that the alternative exceed the given threshold for atleast one attribute

A

disjunctive attributeq

36
Q

_____ describes a process of sequential elimination is carried out unitl either a single solution is discovered

A

lexicographic analysis / method

37
Q

Person(s), organization(s), or stakeholders to whom the decision problem under consideration
belongs.

A

Decision maker

38
Q

a factor over which the decision maker has control

A

decision variable

39
Q

A single measure by which the goodness of any solution to a decision problem can be measured.

A

criterion

40
Q

The numerical value specified by the decision maker that reflects his/her desire or satisfactory level
with regard to the objective function under consideration.

A

Aspiration level

41
Q

The difference between what we actually achieve and what we desire to achieve

A

Goal deviation

42
Q

a type of constraint that may influence but are not directly related to goal

A

system constraints

43
Q

a type of constraint directly related to goals

A

goal constraint

44
Q

___ constraints corresponds to goals which has been obtained by using the aspirations for the
objective functions

A

soft

45
Q

___ constraint corresponding to the feasible region or the original constraints in which no violation is acceptable.

A

hard

4th 1st Sem (16 decks)

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