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

Empty set, There is one final topic that we need to address as far as solut...

There is one final topic that we need to address as far as solution sets go before leaving this section. Consider the following equation and inequality.

Statistic, Suppose that the probability of your favorite baseball player ge...

Suppose that the probability of your favorite baseball player getting a hit at bat is 0.45. Assume that each at bat is independent. What is the probability that he bats eight times

Find the area of the rhombus, Show that the points (3, 0), (4, 5), (-1, 4) ...

Show that the points (3, 0), (4, 5), (-1, 4) and (-2, -1) taken in order are the vertices of a rhombus. Also find the area of the rhombus.

Trigonometry, If tanA+sinA=m and m2-n2 = 4vmn, show that tanA-sinA=n

If tanA+sinA=m and m2-n2 = 4vmn, show that tanA-sinA=n

Shares and dividend, A man in rested rupee 800 is buying rupee5 shares and ...

A man in rested rupee 800 is buying rupee5 shares and then they are selling at premium of rupee 1.15.he sells all the share.find profit?

Find out the length of hamiltonian path, Find out the length of Hamiltonian...

Find out the length of Hamiltonian Path in a connected graph of n vertices. Ans: The length of Hamiltonian Path in a connected graph of n vertices is n-1.

Example of quadratic polynomial, Factor following.                    x ...

Factor following.                    x 2 - 20 x + 100 Solution In this case we've got three terms & it's a quadratic polynomial.  Notice down as well that the constant

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