List the steps in the decision-making process

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Reference no: EM13930401

1. List the steps in the decision-making process.

2. Explain the term bounded rationality.

3. Explain the term suboptimization.

4. What are some of the reasons for poor decisions?

5. What information is contained in a payoff table?

6. What is sensitivity analysis, and how can it be useful to a decision maker?

7. Contrast maximax and maximin decision strategies. Under what circumstances is each appropriate?

8. Under what circumstances is expected monetary value appropriate as a decision criterion? When isn't it appropriate?

9. What is the chief role of the operations manager?

Reference no: EM13930401

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