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

Estimation of population proportions, Estimation of population proportions ...

Estimation of population proportions This form of estimation applies at the times while information cannot be described as a mean or as a measure but only as a percentage or fr

My daugther needs help, my daughter is having trouble with math she cant un...

my daughter is having trouble with math she cant understand why please help us

Fractions Word Problem, 1/8 of the passengers of a train were children.If t...

1/8 of the passengers of a train were children.If there were 40 children travelling in the train on a certain day,how many adults were there in that train that day?

Find lim sup, 1.find lim sup Ek and liminf Ek of Ek=[(-(1/k),1] for k odd a...

1.find lim sup Ek and liminf Ek of Ek=[(-(1/k),1] for k odd and liminf Ek=[(-1,(1/k)] for k even.  2.Show that the set E = {x in R^2 : x1, x2 in Q} is dense in R^2.  3.let r>0 an

Hi, can i get job of teaching maths here

can i get job of teaching maths here

Standardization of variables, Standardization of Variables - Before we...

Standardization of Variables - Before we use the general distribution curve to determine probabilities of the continuous variables, we require standardizing the original units

Coefficient of correlation denoted, Coefficient of Correlation Denoted ...

Coefficient of Correlation Denoted There are two methods which measure the degree of correlation among two variables these are denoted by R and r. (a) Coefficient of correl

Direction fields, steps to draw direction or slope fields

steps to draw direction or slope fields

.fractions, what is the difference between North America''s part of the tot...

what is the difference between North America''s part of the total population and Africa''s part

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