58. When probabilities could be assigned to expected outcomes, decisions are mad
ID: 373554 • Letter: 5
Question
58. When probabilities could be assigned to expected outcomes, decisions are made under what conditions?
d. Risk
The manager assigns probabilities under the conditions of risk to all expected outcomes, when such outcomes are not known with certainty.
59. A manager who determines the worst outcome for each alternative, and chooses alternative with the best outcome, is using ______ decision criterion.
b. Maximin
Maximin is a negative decision making criteria that enables to maximize the worst possible outcomes such that the decision makers are aware of the consequences if the risk is taken. Hence this criteria needs to considered if the decision maker wants to completely eliminate risk.
60. The first step of PERT/CPM project scheduling process is ________
b. determining the activities that make up the project
The whole idea of scheduling of activities commences with the determination of all the activities that make up the project and subsequently evaluating in a detailed activity schedule, the shortest time that could be dedicated to accomplish the project.
61. What is the equivalence of 500,000 five years ago at 20% compound interest?
d. 1,244, 150
The Principle amount is 500,000, years is 5 and interest is 20%, compounded annually.
Formula: A=P(1+r/n)^t, where A is the compounded amount, P is the base amount, r is the rate of interest, n is number of times compounded (here, annually) and t is time.
Year Year Interest Total Interest Balance
1 $100,000.00 $100,000.00 $600,000.00
2 $120,000.00 $220,000.00 $720,000.00
3 $144,000.00 $364,000.00 $864,000.00
4 $172,800.00 $536,800.00 $1,036,800.00
5 $207,360.00 $744,160.00 $1,244,160.00
Explanation / Answer
PLEASE SHOW WORKING FOR CALCULATION
58,-- when probabil a. certainty b. perfection C. uncertainty d. risk ities can be assigned to expected outcomes, decisions are made under what conditi e rough 59. manager who determines the worst outcome for each alternative and chooses the alternative wi the best outcome is using a. minimax b maximin C. maximaX d. regret decision criterion. e. Laplace The first step in the PERT/CPM project scheduling process is b. determining the activities that make up the project e. putting together the project team What is the equivalence of ¢500,000 five years ago at 20% compound interest? 60 a. drawing the network diagram. c. doing the time - cost trade-off d. doing the forward and backward pass 61 a. b. c, d. e, ¢200, 950 ¢340,400 ¢390, 100 ¢1, 244, 150 ¢136,120 62. How many years will it take for ¢20M to double at a compound-interest rate of 10% per year? a. 20.1 years b. 13.1 years c. 15.8 years d. 15.5 years e. 7.2 years - Past happenings are used to predict future events in: a. intuitive forecasts b. time series forecasts c. simulation forecasts. d. causal forecasts 63. e. qualitative forecasting The vision of an organization is established in its: a. operational b. administrative plan. c. tactical plan d. service plan. e. strategic plan. 64.Related Questions
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