Decision theory, Mathematics

Assignment Help:

Decision Theory

Decisions

There are many types of decision making

1.      Decision making under uncertainty

It refer to situations where more than one outcome can result from any single decision

2.      Decision making under certainty

Whenever there exists only one outcome for a decision we are dealing along with this category for example linear programming, transportation sequencing and assignment and so on.

3.      Decision making by using prior data

This occurs whenever it is possible to employ past experience or prior data to develop probabilities for the happened of each data

4.      Decision making with no prior data

No past experience exists that can be utilized to derive outcome probabilities in this case the decision maker uses her or his subjective estimates of probabilities for different outcomes

 

 


Related Discussions:- Decision theory

Logarithms, find any integer from 1-128 on a logarithmic scale

find any integer from 1-128 on a logarithmic scale

Solution to an equation or inequality, First, a solution to an equation or ...

First, a solution to an equation or inequality is any number that, while plugged into the equation/inequality, will satisfy the equation/inequality. Thus, just what do we mean by

Tent originally sold for $2 what is the percent of discount, A tent origina...

A tent originally sold for $260 and has been marked down to $208. What is the percent of discount? Find out the number of dollars off. $260 - $208 = $52. Further, determine wha

Example of binomial distribution, Example:  Joanne is given a four-question...

Example:  Joanne is given a four-question multiple-choice quiz.  She hasnt studied the material to be quizzed, so she decides to answer the questions by randomly guessing the answe

Implicit differentiation, Implicit Differentiation : To this instance w...

Implicit Differentiation : To this instance we've done quite a few derivatives, however they have all been derivatives of function of the form y = f ( x ) .  Unluckily not all

Probability of independent events, Q. Probability of Independent Events? ...

Q. Probability of Independent Events? Ans. Consider these two events:  {My name is Shirley} {The rain is falling} Are these events related to each other?  No.  My name

Describe order of operations with example, Describe Order of Operations wit...

Describe Order of Operations with example? The order of operations is a set of rules that describe the order in which math operations are done. Try doing this math problem:

How many checks required to be used for the monthly costs, Green Bank charg...

Green Bank charges a monthly fee of $3 for a checking account and $.10 per check. Savings-R-Us bank charges a $4.50 monthly fee and $.05 per check. How many checks required to be u

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd