16) 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
17) 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
18) A decision tree is an):
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.
19) 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.