SOLVED

Section 5Â Â Decision Trees 1) Decision trees and decision tables can both solve problems requiring a single decision, but decision tables are the preferred method when a sequence of decisions is involved. 2) In a decision tree, the expected monetary values are computed by working from right to left. 3) When solving decision trees, what phrase represents the act of dropping an alternative from consideration because it is less favorable than another available option? A) cut the leaf B) open the hatch C) shake the tree D) punt the ball E) prune the branch 4) Decision trees: A) give more accurate solutions than decision tables. B) give less accurate solutions than decision tables. C) are especially powerful when a sequence of decisions must be made. D) are rarely used because one needs specialized software to graph them. E) are too complex to be used by decision makers. 5) A decision tree is a(n): A) algebraic representation of alternatives and states of nature. B) behavioral representation of alternatives and states of nature. C) matrix representation of alternatives and states of nature. D) graphical representation of alternatives and states of nature. E) tabular representation of alternatives and states of nature. 6) All EXCEPT which of the following steps are taken to analyze problems with decision trees? A) Define the problem. B) Structure or draw the decision tree. C) Assign probabilities to the alternatives. D) Estimate payoffs for each possible alternative/state of nature combination. E) Solve the problem by computing expected monetary values for each state-of-nature node. 7) A primary advantage of decision trees compared to decision tables is that decision trees: A) are more accurate. B) are faster. C) are smaller. D) are cheaper. E) can be used for sequential problems. 8) A problem that involves a sequence of decisions: A) cannot be analyzed with expected monetary value. B) can be better analyzed with a decision tree than by a decision table. C) must be analyzed in the same order that the decisions are made. D) cannot be analyzed with decision tree software. E) can only be analyzed using decision making under certainty. 9) A(n) ________ is a graphical means of analyzing decision alternatives and states of nature. 10) A branch of a decision tree that is less favorable than other available options may be ________.