This is the thought process where most thinking occurs.
What is the Automatic Process?
100
A cost that has already been expensed and cannot be recovered.
What is a Sunk Cost?
100
This is simply that chances that a specific event will occur, it is always expressed as a numeric value.
What is Probability?
100
This is a graphical device that shows the relationship among the decisions, the chance events, and the consequences for a decision problem.
What is an Influence Diagram?
100
The length of a good skirt.
What is the appropriate length to a response or paper.
200
This is the "what-if" thought process.
What is the Controlled Process?
200
This is made up of choice points, course(s) of action, outcomes and utilities.
What is a Schematic Decision Tree?
200
These are the three main methods of probability.
What is Classical, Relative Frequency, and Subjective.
200
This influence diagram illustrates the consequence resulting from a specific combination of a decision alternative and a state of nature.
What is a Pay-off Table?
200
A numeric measure of the likelihood that an event will occur.
What is Probability?
300
This number of components are used to decide if a decision is foolish or rational.
What is Four?
300
Honoring sunk costs violates the first rule of this.
What is Criterion of Rationality?
300
This law is a way to compute the probability that event A or B or both will occur.
What is the Addition Law?
300
This helps the decision maker recognize the difference between the expected value of a decision alternative and the payoff that may actually occur.
What is Risk Analysis?
300
Any process that generates well-defined outcomes.
What is an Experiment?
400
A rational choice meets this number of criterion.
What is Four?
400
This type of thinking is when people focus on the gains and losses associated with the decision they initially believe is most attractive, but ignore the gains and especially the losses associated with the other alternatives.
What is Incomplete Thinking?
400
This law is used to determine the frequency of events happening given another event has occurred.
What is the Conditional Probability Law?
400
This helps the decision maker by describing how changes in the state-of-nature probabilities and/or changes in the payoffs affect the recommended decision alternative.
What is Sensitivity Analysis?
400
This requires that all probability values assigned to each experimental outcome be between 0 and 1, and the sum of all experimental outcome probabilities equal 1.
What are the Two Basic Requirements of Probability?
500
This memory contains all sorts of information, including procedures for thinking and deciding.
What is Long-term Memory?
500
This type of thinking is making decisions that include factors that are independent from the decision(s) at hand.
What is Over-Inclusive Thinking?
500
This law is used to find the intersection of two events. It is used in situations for which the probability of two events is known but not the probability of both events.
What is the Multiplication Law?
500
This type of decision making is that of inquiring about the best-case and worst- case outcome without formally analyzing all probabilities.
What is Decision Making without Probabilities?
500
These three approaches are used in decision making without probabilities.
What is Optimistic, Conservative, and Minimax Regret?