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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
A box is 30 cm long, 8 cm wide and 12 cm high. Determine the length of the diagonal AB ? Round to the nearest tenth. a. 34.5 cm b. 32.1 cm c. 35.2 cm d. 33.3 cm
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Here we have considered the following points. 1. Mathematics is omnipresent, powerful and beautiful. 2. Mathematics is useful in all spheres of life. 3. Mathematics can al
Application Interpolation and extrapolation are widely used by businessmen, administrators, sociologists, economists and financial analysts. While interpolation hel
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how do you factor a trinomial into a binomial ?
A die is rolled twice and the sum of the numbers appearing on them is observed to be 7.What is the conditional probability that the number 2 has appeared at least once? A) 1/3
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A ride in a taxicab costs $1.25 for the first mile and $1.15 for each additional mile. Which of the following could be used to computed the total cost y of a ride which was x miles
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