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

What is approximation, approximate value is the precise or the accurate val...

approximate value is the precise or the accurate value which is measured  to the actual value.., approximation is how close the measured value is to the actual value , for example

Basic operations on fractions, A simple example of fraction would be ...

A simple example of fraction would be a rational number of the form p/q, where q ≠ 0. In fractions also we come across different types of them. The two fractions

Linear programming , use the simplex method to solve the following lp probl...

use the simplex method to solve the following lp problem. max z = 107x1 + x2 + 2x3 subject to 14x1 + x2 - 6x3 + 3x4 = 7 16x1 + x2 - 6x3 3x1 - x2 - x3 x1,x2,x3,x4 > = 0

Solve sin (3t ) = 2 trig function, Solve sin (3t ) = 2 . Solution T...

Solve sin (3t ) = 2 . Solution This example is designed to remind you of certain properties about sine and cosine.  Recall that -1 ≤ sin (θ ) ≤ 1 and -1 ≤ cos(θ ) ≤ 1 .  Th

Find a relationship chart and closeness ranks, 1.A manufacturing facility c...

1.A manufacturing facility consists of five departments, 1, 2, 3, 4 and 5. It produces four components having the manufacturing product routings and production volumes indicated in

Find the area of the shaded region, ABC is a right angled triangle in which...

ABC is a right angled triangle in which ∠A = 900. Find the area of the shaded region if AB = 6 cm, BC=10cm & I is the centre of the Incircle of ?ABC. Ans: ∠A =90 0 BC

Solve the linear programming problem using simple method, Solve the followi...

Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x 1 + 2X 2 Subject to the constraints:                  X 1 + X 2 ≤ 4

Probability, A man enter a lucky draw that requires him to pick five differ...

A man enter a lucky draw that requires him to pick five different integers from 1 through 30 inclusive .he chooses his five number in such a way that the sum of their log base 10 i

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