Decision-making Techniques (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What type of technique are decision trees?
What type of technique are decision trees?
Quantitative
In a decision tree, what shape represents decision points?
In a decision tree, what shape represents decision points?
Squares
What shape represents chance nodes in a decision tree?
What shape represents chance nodes in a decision tree?
Circles
What must all probabilities from a single chance node add up to?
What must all probabilities from a single chance node add up to?
1
How is EMV calculated?
How is EMV calculated?
Multiply probability by outcome, then sum
What is backdata in decision tree analysis?
What is backdata in decision tree analysis?
Historical information from past events
What is the rollback technique used for?
What is the rollback technique used for?
Solving complex multi-stage trees
Which advantage involves assigning numerical values to outcomes?
Which advantage involves assigning numerical values to outcomes?
Quantitative basis for decisions
Which limitation relates to employee morale and brand reputation?
Which limitation relates to employee morale and brand reputation?
Exclusion of qualitative factors
What does EMV represent in decision trees?
What does EMV represent in decision trees?
A comparison tool, not actual profit