A Planning Committee Is Attempting to Decide on a Venue

question 2

Multiple Choice

A planning committee is attempting to decide on a venue for an upcoming week-long sales meeting. The locations are similar in price, but each offers different strengths such as on-site entertainment, weather, restaurants within walking distance, and hotel amenities. The best method for project assessment is most likely:

• A) Factor rating
• B) Financial analysis
• C) Pareto Priority Index
• D) Real options and decisions trees
• E) Fishbone diagram

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Definitions:

Behavioral Economists

Researchers who study the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

Dictator Game

An experimental game in economics and psychology where one player, the "dictator," determines how to split an endowment between themselves and another player.

Ultimatum Game

A game in economic experiments where one party offers how to divide a sum of money with another party, who can accept or reject the offer.

Dictator Game

A psychological experiment that tests how fairly individuals allocate resources between themselves and others, typically revealing aspects of altruism and fairness.