What are the uses of decision analysis

Reference no: EM13968779

1. What are the uses of decision analysis?

2. What are the limitations of decision analysis?

3. List the elements of a decision problem, and explain how they interrelate.

4. What is the role of probabilities in a decision problem, and how do these probabilities arise?

5. What is a decision tree?

6. During the Super Bowl, a 30-second commercial costs $2.5 million.7 The maker of Doritos corn chips was considering purchasing such an ad. The marketing director felt that there was a 0.35 probability that the commercial would boost sales volume to $20 million over the next month; there was a 0.60 probability that excess sales would be $10 million; and a 0.05 probability that excess sales would be only $1 million. Carry out an analysis of whether to purchase a 30-second commercial during the Super Bowl using a complete decision tree.

Reference no: EM13968779

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