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

Solution to an initial value problem, S olve the subsequent IVP. dv/dt =...

S olve the subsequent IVP. dv/dt = 9.8 - 0.196v;               v(0) = 48 Solution To determine the solution to an Initial Value Problem we should first determine the gen

Determine the inverse function f ( x ), Given f ( x ) = 3x - 2 determine ...

Given f ( x ) = 3x - 2 determine     f -1 ( x ) . Solution Now, already we know what the inverse to this function is as already we've done some work with it.  Though, it

Integrated marketing, #question.Explain its nature and how it influences th...

#question.Explain its nature and how it influences the integrated marketing communications mix and distinguish between tactical and strategic use of integrated marketing communicat

Boundary value problem, solve the in-homogenous problem where A and b are c...

solve the in-homogenous problem where A and b are constants on 0 ut=uxx+A exp(-bx) u(x,0)=A/b^2(1-exp(-bx)) u(0,t)=0 u(1,t)=-A/b^2 exp(-b)

Daily Math, Six times as many people voted in the 2012 election as in the 2...

Six times as many people voted in the 2012 election as in the 2008 election.If 162 people voted in 2008,how many people voted in both elections?

Find out the greatest common factor, Find out the Greatest Common Factor? ...

Find out the Greatest Common Factor? The largest number that is a common factor of two numbers (that is, both numbers share the same factor) is called the greatest common facto

Inequalality, the low temperature in onw city was -4degrees Fahrenheit. The...

the low temperature in onw city was -4degrees Fahrenheit. The low temperature in another city was 8degrees Fahrenheit. what is an inequality to compare those temperatures

Limits-of-sum, limit 0 to 2(3x^2+2) Solution) integrate 3x^2 to x^3 and...

limit 0 to 2(3x^2+2) Solution) integrate 3x^2 to x^3 and 2 to 2x and apply the limit from 0 to 2 answer is 12.

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