Instruction: Choose the best answer from the given alternatives

1. The characteristic of a decision-maker under certainty is ______

a. Decision maker has information about the situation
b. Decision maker has no information at all about the situation
c. Decision maker has some knowledge about the situation
d. Decision maker is not sure to make his/her decision
e. All the above are answers
2. In the case of the optimistic decision approach, which factor is selected or chosen properly?
a. Decision with the largest possible payoff is chosen
b. Decision with the lowest possible payoff is chosen
c. Both decisions with the lowest and highest possible payoff are chosen
d. Decision with the worst case is chosen
e. None
3. Operation research applies__________
a. Techniques and tools model
b. Mathematical model
c. Scientific methods
d. All are the above
e. None
4. Which one of the following is correct about operation research?
a. It is not multidisciplinary
b. It is a scientific approach
c. It applies the technique of queuing theory
d. b and c are answers
e. None
5. ___________ is the longest path in project activity.
a. PERT
b. CPM
c. Pessimistic time
d. Optimistic time
e. Expected time
6. __________ is a symbol used to visualize milestones and project tasks
a. Arrows
b. PERT event
c. Slack
d. Node
e. Critical path
7. The latest time the project task can begin or start is__________
a. Early start time
b. Late start time
c. Early Finish time
d. Early late time
 e. Late finish time
8. _________ is the best estimated time to accomplish the task of a project that assumes there
are no problems for the preparation of project scheduling.
a. Optimistic time
b. Pessimistic Time
c. Most likely Time
d. Expected Time
e. Both pessimistic and optimistic time
9. Which one of the following is a decision criterion under an uncertainty situation?
a. Linear programming
b. Decision tree programming
c. Laplace
d. Simplex programming
e. None
10. Which one of the mini-max regret approaches that requires the construction of ________
a. Regret table
b. Optimistic table
c. Equally likely table
d. Criterion realism table
e. Maxi-mini table
11. The decision-maker has some knowledge regarding the probability of occurrence of each
outcome or state of nature is _______
a. Decision-making under Risk
b. Decision-making under Certainty
c. Decision-making under uncertainty and risk
d. Decision-making under certainty and risk
e. All can be answers

Refer to the following given case in the table, please answer the following questions
Table 1:
State of nature
s1 s2
decision d1 20 6
d2 25 3
12. based on Table 1, the optimistic decision maker chose _____
a. 20
b. 25
c. 6
d. 3
e. All
13. based on table 1, if the conservative approach that used by a conservative decision-maker,
which one is the correct figure chosen?
a. 20
b. 6
c. 3
d. 25
e. None
14. ______________ is a special type of Linear Programming problem in which the objective is
to transport various quantities
a. Transportation problem
b. Conservative decision criteria
c. Maxi-min decision criteria
d. Mini-max decision criteria
e. All
15. ________ is a concept that divides the scope of work into manageable units
a. Critical Path method
b. PERT
c. Optimistic time
d. Pessimistic time
e. Work breakdown
16. _________ is a systematic and analytical approach to decision making and problem-solving.
a. Economics
b. Geography
c. History
d. Operation Research
e. Accounting
17. __________ it the least amount of time to accomplish a task or activity in a project
a. Most likely time
b. Pessimistic time
c. Optimistic time
d. Expected time
e. All the above are answers
18. __________ is the earliest time that the project can complete
a. Early start time
b. Early finish time
c. Late finish time
d. Late early time
e. None
19. The amount of time that can be delayed without causing an overall delay to the project time
task ____________
a. Critical path
b. Slack
c. Node
d. PERT
e. Early start time
20. The best estimated time to accomplish the task or activity of a project by assuming there will
be problems is _________
a. Most likely time
b. Pessimistic time
c. Optimistic time
d. Expected time
e. All the above are answers
 21. The project manager Ato Ayele M. prepared a project plan by applying 3 times approach
that is, optimistic time (To)= 30 weeks, pessimistic time (Tp)= 40 weeks, and the most likely
time (Tm)= 35 weeks. Based on these times, calculate the expected time of the project that
is intended to be completed.
a. Xxx
b. Xxx
c. Xxx
d. Xx
e. xxx

Suppose you must select one of three choices for your business. Expand facilities, "Renovate
existing facilities", and "Do nothing". Suppose profits depend on economic condition.
Decision Good economic Bad economic
condition condition
Expand facilities Birr 200,000 Birr -20,000
Renovate existing facilities 80,000 10,000
Do nothing 60,000 30,000
For each following criteria identify the optimal decision to be taken.
22. Maxi-max criterion
a. Xxx
b. Xxxx
c. Xxxx
d. Xxxx
e. xxxx
23. Maxi-min criterion
a. Xxx
b. Xxx
c. Xxxx
d. Xxxx
e. xxx
24. Hurwicz criterion (with α=0.70)
a. Xxxx
b. b
c. xxxx
d. xxxx
e. xxx
25. Which one of the following is the correct concept about early start time and early finish
time?
a. Both early start and early finish time affect the project completion time
b. Both early start and early finish time do not affect the project completion time
c. Early finish time becomes early start time in the backward passing process
d. Early start and Early finish times have no benefit to the project scheduling time
e. All are correct answers
26. In order to accomplish the project task timely according to the scheduled time, the project
manager should perform the following________
a. the manager should more focus on all aspects of the project activities
 b. the manager should give more attention to activities on critical path of the project
network
c. the manager is not focused on the availability of scarce resources for critical activities of
the project task
d. the manager does not necessarily understand early start, early finish, latest start and
latest finish time
e. None
27. This criterion uses all the payoffs for each alternative to find the average payoff for each
alternative and select the alternative with the highest average by assuming equal
probabilities for each state of nature______ _________
a. Hurwicz decision
b. Laplace decision
c. Max-max decision
d. Min-max decision
e. None

28. One of the following the criterion of realism that comprise between an optimistic and a
pessimistic decision is_________
a. Laplace decision
b. Max-min decision
c. Min-max decision
d. Hurwicz decision
e. None
29. _________ refers to the criterion used to find the alternative that maximizes the minimum
payoff or consequence for every alternative
a. Maxi-maxi criterion decision making
b. Maxi-min criterion decision-making
c. Min-max criterion decision-making
d. Opportunity loss decision-making
e. None

30. ___________ criterion is used to find the alternative that maximizes the maximum payoff
a. Optimistic decision
b. Pessimistic decision
c. Both optimistic decision
d. Regret decision
e. None

31. Which one of the following correctly represents the Expected Value of Perfect
Information(EVPI) to decide uncertainty?
a. It requires additional information that purchase
b. It is always equal to Maximum Expected Monetary Value
c. It involves computing the best payoff for each state of nature
d. All of the above is the correct answer
e. None of the above is the answer
32. Which one of the following is not represented the feature of a game theory?
a. There is finite number of competitors
b. There is knowledge of alternatives
c. Players have choices
d. The number of competitors are unlimited
e. None of the above are answer
33. The gain of one party is equal to the loss incurred by the other party is___________
a. n- the person sum game
b. two-person sum game
c. three-person sum game
d. pay off matrix
e. None of the above is the answer
34. ______________ is a strategy that involves the selection of the maximum out of the
minimum gain
a. Mini-max
b. Maxi-min
c. Maxi-max
d. Mini-min
e. All of the above is the answer
35. Which one of the following is correct statement about a pure strategy in a game theory?
a. A pure strategy has no saddle point
b. It involves the maxi-min is equal to a mini-min decision of the players
c. It has a saddle point
d. It has a feature of maxi-max of a row is equal to mini-max of column
e. All of the above is the answer
36. Which type of strategy is players decide a course of action in accordance with some fixed
probability distribution?
a. Pure strategy
b. A strategy with a saddle point
c. Mixed strategy
d. Pure and mixed strategy
e. None of the above is the answer
37. _________ is a type of strategy of a player in which dominates over the other strategy in all
condition then the later strategy ignored
a. A pure strategy
b. A mixed strategy
c. A dominant strategy
d. Both a pure and a dominant strategy
e. None of the above is answer
38. Which one is a correct statement about Early start and Early finish time?
a. It involves back ward passing in the project scheduling
b. It involves both back ward and forward passing in the project scheduling
c. It possesses a forward passing
d. It possesses a backward passing
e. None of the above is the answer
39. Based on the given data calculate the Late start time (LST) of a project.
 Late finish time (LF)= 3 weeks
 Duration/ time=10 weeks

a. The LS=10 days

b. The LS=40 days
c. The LS= 30 days
d. The LS=50 days
e. None of the above is the answer
 Calculate the ES and EF time

C=20
days

G=25 H=2days
E=50 F=25
days
A=10 B=20 days days
days days

D=5
days

40. The ES and EF time of activity “A” is_______

a. (10,0)
b. (10,10)
c. (10,20)
d. (0,10)
e. None of the above is the answer

41. The ES and EF time of activity “H” is_______

a. (150,152)
b. (125,150)
c. (100,125)
d. (30,50)
e. None of the above is the answer
42. The ES and EF time of activity “E”
a. (0,10)
b. (10,0)
c. (50,100)
d. (50,100)
e. None of the above is the answer

43. The critical path of the project schedule is_______

a. 152 days
b. 152 weeks
c. 135 days
d. 150 days
e. None of the above is the answer
44. The total slack of the project is______
a. 0
b. 17 days
c. 5 days
d. 152 days
e. None of the above is the answer
 45. The slack of a critical path in the project graph is______
a. 5 days
b. 17 days
c. 0
d. 10 days
e. None of the above is the answer

Workout Question
Calculate the following given question based on the given information

Player "B"

Y1 Y2
Player “A” X1 5 -3

-4 5
X2

1. Calculate the probability of player A: X1 and X2

2. Calculate the Probability of player B: Y1 and Y2
3. Find the value of the a game

Workout Question

Thank You
The End