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

How does the algorithm work?, How Does The Algorithm Work? Most of us, ...

How Does The Algorithm Work? Most of us, when asked to multiply, say, 35 by 23, write Why do we place the mark x (or 0, or leave a blank) in the second row of the calcul

How many pages can it print in 4 minutes, Tammi's latest printer can print ...

Tammi's latest printer can print 13.5 pages a minute. How many pages can it print in 4 minutes? Multiply 13.5 by 4 to ?nd out the number of copies made; 13.5 × 4 = 54 copies.

Mass-Spring-Damper -- Underdamped System, us consider the following mass-sp...

us consider the following mass-spring-damper system: md2xdt2+cdxdt+kx=0 with m=5 kg as the mass of the body, k=1.6N/m as the spring constant and two different values of c.

Vector addition, Is it possible to add two vectors of unequal magnitude and...

Is it possible to add two vectors of unequal magnitude and get a resultant of zero?Please explain also. Ans) no it is not possible as .. if the magnitude is diffrent then they c

Addition and subtraction of rational expressions, Now come to addition and ...

Now come to addition and subtraction of rational expressions.  Following are the general formulas.  (a/c) + (b/c) = (a + b)/c

Canada australia eire spain, Before independence, Bangladesh was called Cey...

Before independence, Bangladesh was called Ceylon East Pakistan Bhutan Bangalore Which of the following countries does not have a monarch as head of state? Canada Australia Eire

The laplace method, The Laplace method Laplace method employs all the i...

The Laplace method Laplace method employs all the information by assigning equal probabilities to the possible payoffs for every action and then selecting such alternative whic

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