Distinguish between the Expected Monetary Value (EMV) criterion and the Expected Utility Value criterion to decision making
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Distinguish between the Expected Monetary Value (EMV) criterion and the
Expected Utility Value criterion to decision making
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- Construct a decision tree and answer the following questions: What is the EMV of each decision alternative? Which action should be selected? What is the expected value with perfect information? What is the expected value of perfect information?Under what circumstances is expected monetary value appropriate as a decision criterion? When isn’t it appropriateProvide an example in the fast food business that would benefit from using strategic decision making.
- Do you think flexibility is important in decision making? Explain why and justify your answer.Answer the following MCQ questions. 1) When Delroy draw on well-developed procedures in his job of grocery store inventory clerk to determine which products to stock first, he is making which type of decision? a) Tactical b) Programmed c) Operational d) Non-Programmed 2) Identifying a problem and matching it with established routines and procedures for resolving it is a ? a) Tactical decision b) Programmed decision c) Operational decision d) Non-Programmed decision 3) Crystal is a marketing manager who is deciding how to allocate the financial resources among three different product launches over the next three months years. Crystal is making a ? a) Strategic decision b) Operational decision c) Tactical decision d) Opportunistic decision1. Discuss the process you would employ to develop a suitable balanced scorecard for a tourist site organization and give examples of measures that would be incorporated within it. 2. Discuss how break even analysis can aid management in decision-making. 3. Discuss the practical difficulties associated with the use of breakeven analysis by managers in decision-making.
- Devise a solution for the problem under each of the four criteria of decisions under uncertainty.Decision making is the process of a. resolving problems. b. identifying problems and resolving them c. identifying problems. d. identifying problems and opportunities and resolving them.Provide a circumstance under which the expected monetary value is appropriate for decision making.