duestion 1 (cont.) vi) The maximin rule for making decisions under uncertainty a

Question

duestion 1 (cont.) vi) The maximin rule for making decisions under uncertainty about the future A. takes the minimum value of the most likely outcome B. takes the maximum value of the least likely outcome C. takes the best of the worst possible outcomes D. is highly optimistic about the future E. is highly pessimistic about the future vii)The rate of return is A. a measure of reliability B. a measure of maintainability C. the interest rate that maximises profit over the system lifetime D. the interest rate that equalises income and expenditure over a specified time E. none of the above vii) The optimum service life of an asset is A. the time just before the asset fails B. the time at which the asset should be serviced C. the time at which the asset should be repaired D. the time which minimises the cost of the system over its service life E. the time which minimises the cost of the maintenance over its service life ix) In a set of activities required for completion of a project, the critical path is A. the shortest duration path through the activity-event network B. the path through the activity-event network in which a delay in any of the activities will delay project completion C. the path through the activity-event network in which no activities can be expedited D. the lowest cost path through the activity-event network E. the longest duration path through the activity-event network x) A person is convicted of a crime, when in fact they were innocent. This type of error is categorised as a A. type 1 error B. type 2 error C. false negative error D. true negative error E. unfortunate mistake

Explanation / Answer

vi) C) Takes the best of the worst possible outcomes

vii) D) the interest rate that equalises income and expenditure over a specified time

viii) D) the time which minimises the cost of the system over its service life

ix) B) the path through the activity event network in which a delay in any of the activities will delay project completion

x) A) Type I Error

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