1. There are types of decisions that do not involve uncertainty or risk and common approaches used for analyzing them. Decisions that use financial analysis, optimization models, and decisions with a single alternative are good examples.

True

False

2. Explain how payback period, NPV, and IRR criteria are used in decision making.

A.They are used in determining whether or not an investment is worthwhile.

B.Payback period, net present value (NPV) and internal rate of return (IRR) are figures used to evaluate decisions with a single alternative.

C.These are used in the types of decisions that have direct impact on profitability.

D.All the above

3. Would you explain the decision tree model as A decision tree model is used in making decisions on complex problems represented by a graphical display to find answers?

True

False

4. The three elements that all queuing systems have in common are:

A.1. Customers 2. Wait 3. Service
B.1. Servers 2. Service 3. Place
C.1. Waiting 2. Line 3. Queue
D.1. Customers waiting for service 2. Servers providing the service 3. A waiting line or queue

5. Would you list and define the major types of performance measures used in queuing analysis as: 1. The quality of the service provided to the customer 2. The efficiency of the service

True

False