Circle the right answer from the answers given below.
1- A deterministic model is one in which a. there is some uncertainty about the parameters used in the model. b. there is a measurable outcome. c. all parameters used in the model are known with complete certainty. d. there is no available computer software.
2- If probabilities are available to the decision maker, then the decision-making environment is called: a. certainty. b. uncertainty. c. risk. d. none of the above.
3- In assessing utility values, a. the worst outcome is given a utility of –1. b. the best outcome is given a utility of 0. c. the worst outcome is given a utility of 0. d. the best outcome is given a value of –1.
4- Qualitative forecasting models include a. regression analysis. b. Delphi. c. time-series models. d. trend lines.
5- When comparing several forecasting models to determine which one best fits a particular set of data, the model that should be selected is the one a. with the highest MSE. b. with the MAD closest to 1. c. with a bias of 0. d. with the lowest MAD.