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SAINT COM315 MODULE 7 discussion- Discuss the differences between decision making under uncertainty and decision making




Module 7 Discussion;**1** IMPORTATN - PLEASE UNDERSTAND AND APPLY THE FOLLOWING ****;Students are directed to select one (1) discussion question to respond to for their initial response.;For the initial response, students must select a question that has not been answered;however, if all questions have been answered, they are to choose the question with the last initial response;but must provide an original answer.;**2** IMPORTATN - Please be reminded of what is required;1) your discussion (worth 9pts).;2) 2 student replies (worth 3 pts, each).;3) please use your own words from information presented in course text.;Please use one of the following discussion questions to discuss. please try not to repeat question that another student may have already discussed.;unless, off course, all questions have been discussed.;===========================================================================;Module 7;1. Give an example of a good decision you made that resulted in a bad outcome. Also, give an example of a bad decision you made that resulted in a good outcome. Why was each decision good or bad?;2. What is an alternative? What is an outcome?;3. Discuss the differences between decision making under uncertainty and decision making under risk and explain what decision making strategies are used in each situation.;4. What is the EMV? Give an example.;5. What is the difference between the EVPI and the EV with PI?;6. Explain Opportunity Loss and give an example.;7. What is the purpose of Bayesian analysis? Describe how you would use Bayesian analysis in the decision-making process.;8. What is Utility Theory and how is it used?;9. What is a queuing problem? What are the components of a queuing system?;10. What are the assumptions underlying common queuing models?;11. Describe the important operating characteristics of a queuing system.;12. Describe three situations in which the FIFO discipline rule is not applicable in queuing analysis.;13. Explain what is meant by a finite or limited waiting line. Provide four examples.;14. Do you think the Poisson distribution is a good estimation of arrival rates in the following queuing systems? Defend your position in each case>;a. School cafeteria;b. Barbershop;c. Dentist?s office;d. College class;e. Movie theater;15. What?s the difference between single-server and single-phase? Give an example of each.;16. What is Kendall notation? Give some examples.;17. Explain the costs associated with a queue. Explain the typical relationship between these costs.


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