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

Volume of solids, find the volume of a rectangular based right pyramid with...

find the volume of a rectangular based right pyramid with its base 18 cm by 24 cm and the slanted edge 39 cm

integration: if f(x)+f(x+1/2) =1 find limit 0 to 2, f(x)+f(x+1/2) =1 f(x...

f(x)+f(x+1/2) =1 f(x)=1-f(x+1/2) 0∫2f(x)dx=0∫21-f(x+1/2)dx 0∫2f(x)dx=2-0∫2f(x+1/2)dx take (x+1/2)=v dx=dv 0∫2f(v)dv=2-0∫2f(v)dv 2(0∫2f(v)dv)=2 0∫2f(v)dv=1 0∫2f(x)dx=1

Evaluate performance of mental arithmetic maths, E 1) Try the two activitie...

E 1) Try the two activities detailed above with a few children around you Evaluate whether they really helped to improve the children's performance of mental arithmetic. Anot

Ratio, how to do them?

how to do them?

Example of multiplying decimals, Example of Multiplying Decimals: Exa...

Example of Multiplying Decimals: Example:  0.45 x 10 = 4.5.  Same, while multiplying a decimal through 100, 1000, and 10,000, move the decimal point to the right the similar

Find fourier series, Question: Find Fourier series for the periodic fun...

Question: Find Fourier series for the periodic function of period 2 π,defined by      f(x) = x 4 ,  - π ≤ x ≤ π

How many baseball cards does peter now have, Peter purchased 14 latest base...

Peter purchased 14 latest baseball cards for his collection. This increased the size of his collection through 35%. How many baseball cards does Peter now have? First, you must

Find the ways to choose a president and a secretary, Q. There are 10 studen...

Q. There are 10 students on the school debating team. How many different ways can the team choose a president and a secretary? Ans. There are 10 choices for the president

Find the number of students in the class, Students are made to stand in row...

Students are made to stand in rows. If one student is extra in a row there would be 2 rows less. If one student is less in a row there would be 3 rows more. Find the number of stud

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