Question

fin2-qq.docx

1)     Assume that alternatives A, B, C, and D are considered. Alternative C is better than each of the other 3 alternatives in all of the 10 attributes considered, except one, but in this one C is by far the worst. Which of the decision-making models below would be the most likely to result in choosing alternative C as the winner?

a)     additive weighting

b)     disjunctive resolution

c)     satisficing

d)     dominance

2)     Assume that you want to pick a house that you will buy from 5 houses that you chose as your top candidates. During a preliminary brainstorming session, you identified the following 7 attributes as important to you: price, number of square feet, distance from work, age of the house, number of bedrooms, number of bathrooms, and total number of rooms. As you are looking at the attributes you identified, something doesn't fell quite right, and you decide to eliminate one of the attributes from your analysis. Which attribute should be eliminated from the analysis?

a)     distance from work

b)     price

c)     age of the house

d)     total number of rooms

3)     Which of the decision-making models below produces the most reliable answers in the sense that it would only eliminate an alternative that is objectively and undoubtedly not the best alternative?

a)     satisficing

b)     disjunctive resolution

c)     dominance

d)     lexicography

4)     Fernando is looking to buy a new house. The attributes and the corresponding values for his top three houses are described in the table below. Assume the following rank in the order of importance: 1. Neighborhood, 2. price, 3. distance from work, 4. outside view. Which alternative should be chosen as the winner using lexicography?

Attributes	Alternative	Alternative	Alternative
	I	II	III
Price	$220,000	$270,000	$320,000
Outside view (10 – best, 0 – worst)	9	8	7
Distance from work in miles	11	21	36
Neighborhood	Good	Fair	Excellent

a)     Alternative II

b)     Alternative III

c)     No alternative can be identified as the winner using lexicography.

d)     Alternative I

 

5)     Fernando is looking to buy a new house. The attributes and the corresponding values for his top three houses are described in the table below. Which of the statements below is correct?

Attributes	Alternative	Alternative	Alternative
	I	II	III
Price	$220,000	$270,000	$320,000
Outside view (10-best, 0-worst)	9	8	7
Distance From work in miles	11	21	36
Neighborhood	Good	Fair	Excellent

a)     None of the alternatives dominates another.

b)     Alternative II dominates Alternative III, but not I

c)     Alternative II dominates Alternatives I and III.

d)     Alternative I dominates Alternative II, but not III.

e)     Alternative I dominates Alternatives II and III.

f)      Alternative III dominates Alternative II, that not I.

g)     Alternative III dominates Alternatives I and II.

6)     Fernando is looking to buy a new house. The attributes and the corresponding values for his top three houses are described in the table below. Which of the alternatives would be eliminated using the satisficing method?

Attributes	Alternative	Alternative	Alternative	Min	Max
	I	II	III	Acceptable	Acceptable
Price	$220,000	$270,000	$320,000		$300,000
Outside View (10-best, 0-worst)	9	8	7	5
Distance from work in miles	11	21	36		25
Neighborhood	Good	Fair	Excellent	Fair

a)     Alternatives I and II

b)     Alternative III

c)     Alternative I

d)     Alternatives I and III

e)     All alternatives would be eliminated.

f)      Alternatives II and III

g)     Alternative II

h)     None would eliminated.

 

 

7)     Fernando is looking to buy a new house. The attributes and the corresponding values for his top three houses are described in the table below. Which of the alternatives would be left as the winner if the following decision methods are employed to eliminate alternatives? Use dominance, disjunctive resolution, and satisficing to eliminate alternatives.

Attributes	Alternative	Alternative	Alternative	Min	Max
	I	II	III	Acceptable	Acceptable
Price	$220,000	$270,000	$320,000		$300,000
Outside view (10-best, 0-worst)	9	8	7	5
Distance from work in miles	11	21	36		25
Neighborhood	Good	Fair	Excellent	Fair

a)     No single alternative would be a clear winner.

b)     Alternative I

c)     Alternative II

d)     Alternative III

8)     Assume that alternatives A, B, C, and D are considered. Alternative C is better than each of the other 3 alternatives in all of the 10 attributes considered, except one, but in this one C is by far the worst. Which of the decision-making models below would be the most likely to result in eliminating alternative C?

a)     additive weighting

b)     dominance

c)     satisficing

d)     disjunctive resolution

9)     Which of the below is an example of a compensatory decision-making model?

a)     dominance

b)     additive weighting

c)     lexicography

d)     satisficing

10) Which of the decision-making models below would be best to use if we want to place more importance on one attribute relative to other attributes?

a)     dominance

b)     lexicography

c)     disjunctive resolution

d)     satisficing

 

 

 

 

11) (NOTE: ENTER YOUR ANSWER AS A NUMBER rounded to 2 decimal places, for instance as 7.89) DO NOT ROUND IN YOUR CALCULATION STEPS (USE CALCULATOR MEMORY FUNCTIONS)

You need to decide which doctor to pick. The table below shows scores for each attribute already converted to common [0, 1] scale. Note that only scores for Dr. Chopra are being shown, the scores for the other two doctors are left blank. Calculate the weighted combined score for Dr. Chopra, by first calculating the weight for each attribute, and then calculating the weighted average score. To determine the weights, use the following ranking attribute values that were assigned based on the importance of each attribute: Reputation 10, Appointment Fee 7, Distance 4. Please make sure the weights sum to 1.

What is the weighted combined score for Dr. Chopra?

Attributes	Dr. A Dr. B Dr. Chopra
Reputation	0.26
Appointment Fee	0.77
Distance	0.94
Combined Weighted Score	?

              

               Answer: (Need Step by Step Solution)

 

              

12) (NOTE: ENTER YOUR ANSWER AS A NUMBER rounded to 2 decimal places, for instance as 7.89) DO NOT ROUND IN YOUR CALCULATION STEPS (USE CALCULATOR MEMORY FUNCTIONS)

You are a hiring manager that needs to choose one of the three candidates, with the attributes as described in the table below. For the candidate with the name Siri, calculate the total combined score for all three attributes, converting each attribute score to a number ranging from 0 to 1, with 1 being the most desirable and O being the least desirable. Use the same procedure as was outlined in chapter 14 to bring all three attributes to a common scale (0,1). Assume the following initial scores for customer service skills: Excellent - 4, Good -3, Fair - 2, Poor - 1. What is Siri's combined, unweighted score, indicated by a question mark in the table?

Attributes	Alexa	Siri	chloe
Salary Demand	30,000	60,000	90,000
Years Experience	2	6	4
Customer Service	Excellent	Good	Good
Combined common-scale score	?

 

          Answer: (Need Step by Step Solution)

 

 

Answer 1

***One Question Per Post***

Q1

The correct answer is "D": Additive weighting.

Reason: Additive weighting is the most often used decision-making method which is based on a weighted average. It assigns an importance value known as weights to all various criteria and multiplies the scaled values with weights to determine the best alternative.

Hence since C is better than other alternatives in 9 out of 10 attributes, it is almost definitive that C will be chosen as the winner using this method.

Why other methods will not choose C as a winner :

a. Disjunctive resolution: It is a method that chooses all the alternatives that are above certain criteria. It does not choose a winner. It is more of an elimination method.

b. Satisficing: It is similar to disjunctive resolution because it eliminates all the alternatives below certain criteria. Hence, in this case, C could get eliminated due to the one criteria in which it is worst.

c. Dominance: Since C is worse than other alternatives in one criterion, it will not establish a dominant position and hence will not be chosen as the winner by this method.