Describe the functions of open and closed end funds and
explain the key difference
between them. Which of the two represents the more attractive
investment?
Describe the purpose of sensitivity analysis in the context of
Decision Theory in multistage decision making and how strategy
tables and tornado charts can be used for this purpose
Describe the 8 steps in decision making process.
Is there a difference between wrong decisions and bad decisions?
How do you think managers can improve decision making skills?
What is the difference between ‘decision making under
uncertainty’ and ‘decision making under risk?
Provide an example of a decision that involves uncertainty and one
that involves risk.
Check whether the indicated
application is best represented by an open-loop or closed loop
control system model. If you think there is some
ambiguity, discuss as necessary.
APPLICATION (2 Points each)
OPEN LOOP
CLOSED LOOP
Standard LED flashlight
Antilock Braking System (ABS) in a car
Distance traveled by fireworks, i.e. bottle
rocket
DVD player disc rotation speed
Cruise control in a car
Turning on a faucet in a sink
Automatic flash used in your smart phone
camera
Accelerator pedal in a...