State true or false and justify your answer: Managerial decision making involves a four-step process that begins with generating alternatives and ends with selecting an alternative.
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- A decision tree is a graphic display of the decision process that indicates decision alternatives, states of nature and their respective probabilities, and payoffs for each combination of alternative and states of nature. O True O False * Previous Next ► MacBook Air 000 000 DD F7 セゴ F5 $ & レ 9 * 00A decision-maker typically uses the 7 measures to implement management science tools. What are these? What are they? Lists each move and provide examples.Requirement: the explanations should be a case or a situationSuppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.
- 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?What is the final value of the decision tree?34- The process of decision making starts with: a. Diagnosing the problem b. Identification of the problem c. Developing alternatives d. Selecting the best alternative
- Describe how decision analysis is similar to and different from simulation analysis and scenario analysis (at least 75 words)Decision-making framework: You will use the DECIDE model to make your decision. The DECIDE model is a six-step decision-making framework that stands for: Define the problem Establish the criteria Consider all the alternatives Identify the best alternative Develop and implement a plan of action Evaluate and monitor the decision Scenario: Imagine that you are the CEO of a small business that sells handmade jewelry. Your business has been growing steadily for the past few years, and you are now considering expanding into a new market. You have narrowed down your options to two cities: New York City and Los Angeles. Instructions: Use the DECIDE model to make a decision about which city to expand into. Be sure to include all of the steps in the DECIDE model in your post. Be as specific as possible when describing your scenario. What are the pros and cons of each city? What are the criteria that you will use to make your decision?Below pay-off was generated for your investment options. From this pay-off table determine the best decision using decision making under uncertainty: a.Maximax b.Maximin c.Minimax
- Review the six-step decision-making process outlined below, then answer the question that follows. Step 1: Define the problem Step 2: Identify alternatives to the problem Step 3: Evaluate the identified alternatives Step 4: Make the decision Step 5: Implement the decision Step 6: Evaluate the decision A customer is frequently slow in paying invoices—sometimes as late as 30 days. Is this because (1) he does not manage his books well, (2) he is trying to conserve his working capital as long as possible, or (3) his own customers are often slow in paying him for the goods he sells them? Consider that there may be another explanation as well. Based on your ethical concerns, use the six-step decision-making process to arrive at a solution. Explain your reasoning for each of these steps.Devise a solution for the problem under each of the four criteria of decisions under uncertainty.Create a step-by-step excel, using the solver engine to generate the decision variablesolution. Generate an ANSWER REPORT and a SENSITIVITY REPORT. I WILL UPVOTE. THANK YOU