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Submitted By mycolmuss
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School : Science and Technology
Course : IST 4040 Decision Analysis
Instructor : Mayieka Jared Maranga
Exam : Mid Semester
Semester : Summer 2015
Time : 1 hr 20 Minutes

TOTAL MARKS 30: WEIGHT 20

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Instructions:

i. This paper has two sections A and B. ii. Answer all questions in Section A and Two questions in section B. iii. No reading materials are allowed into the exam room iv. No unauthorized material should be with you in the examination room e.g. No phones (Whether off or not), No written papers or written body parts, etc.

SECTION A (Answer all questions in this section) 1. What is the importance of decision style? (1 Mark) Answer: Decision style is the manner in which decision makers think and react to problems. This includes their cognitive response, their values, beliefs, and perceptions. These factors can vary greatly amongst individuals; as a result decisions can vary greatly. 2. List five benefits of using models. (5 Marks) Answer: * Model manipulation is easier than manipulating the real system since do much data is involved and can always be changed. * Models enable compression of time. This is because the time taken to develop models is much shorter than that to be spending developing a full-fledged system * The cost of model analysis is less than the cost of a similar experiment using the real system. * The cost of making mistakes during the trial-and-error experiment is less using a model. * Models enable managers to estimate the risk of their actions. * Mathematical models enable analysis of a large number of possible solutions. * Models enhance learning and training. * Models are readily available over the Web. * There are many Java applets that readily solve models. 3.

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