Question 8 Which is NOT true about defining decision problems? One should be creative about problem definitions. Once you formulate your decision problem, you should not revisit it again. You should question the constraints in your problem statement. People generally do not spend enough time thinking about defining their problem. One should balance the effort in creating a comprehensive problem definition against considerations such as time and importance of the decision Question 9 4 pts Relative to decision making processes and choices, a "nudge" Takes away options and forces people to choose whatever is left. Is a simple way to ask people their preferences. Allows the "doer" self to successfully win over the "planner." Sets up choices in a way that makes it easier for people to choose the thing they feel they "should do or which the "planner" would like the "doer" to do. Which of the following is a suggested tool for managing risk? Insuring against the risk Hedging Sharing the risk with others Diversifying All of the above are useful in managing risk. Which alternative, if any, could Jill easily eliminate? Jill is going to graduate in a few months and is in the fortunate position of choosing between 3 job offers. For her decision problem, she has constructed the consequences table below. Advancemen potential was rated on an A,B,C scale where A is the best. Assuming also that, for an extra $10,00 in salary, she would be willing to take on an extra 20 minutes in commute time, please answer the following questions. Job A Job B Job C She cannot easy eliminate any jobs. A dominated alternative is: One which is worse on all objectives than another alternative Is the option which should be automatically chosen Has some advantages and some disadvantages Can be determined after making some even swaps