The Decision Analysis Approach to Decision Making in Business


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question 1 of 3

Henry is trying to decide between two different suppliers. In decision analysis, the two suppliers (or options) he's considering are called:

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1. In decision analysis, money is called:

2. Sheridan is analyzing whether it is worth it to take on additional staff or not. She calculates that hiring two new salespeople could increase her annual sales by $500,000. This value of the decision to hire new staff is called a:

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About This Quiz & Worksheet

This quiz and worksheet can help you assess your understanding of the decision analysis approach to decision making. You should be familiar with the key terms involved in this approach to successfully complete these practice questions.

Quiz & Worksheet Goals

Working on this quiz will give you the chance to test what you know about:

  • The term for two suppliers in decision analysis
  • Future events that are not under the decision maker's control
  • How to deal with uncertainties in analysis

Skills Practiced

You can use this quiz as a tool to help you practice these study skills:

  • Making connections - use understanding of decision analysis to determine how to make a decision that yields the most value
  • Reading comprehension - ensure that you draw the most important information from the related lesson on the decision analysis approach
  • Information recall - access the knowledge you've gained regarding what money is called in decision analysis

Additional Learning

Study this topic in greater depth with the lesson entitled The Decision Analysis Approach to Decision Making in Business. We've designed this lesson to help you find out more about:

  • Why decision analysis might be used
  • Major factors in decision analysis
  • Ricks associated with decision analysis
  • Determining value for business decisions