Q1) Describe meaning of alternatives, criteria and states of nature. Explain how are they utilized in decision analysis?

Q2) Give a personal example of when and how you could have utilized decision analysis to help in making a decision.

Q3) Variables husband and wife tells you whether husband and wife are employed full time. Utilize sign test to test whether husbands and wives are equally likely to be employed full time. What do you conclude?

Q4) When manager considers effect of changes in an LP model's coefficients he/she is performing:

a) Random analysis.

b) Coefficient analysis.

c) Sensitivity analysis.

d) Qualitative analysis.

Q5) Manager must consider how sensitive model is to changes in all of the following except

a) Differential coefficients.

b) Objective function coefficients.

c) Constraint coefficients.

d) Right-hand side values for constraints.