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

Exercise of concrete operational stage, Which of the following statements d...

Which of the following statements do you think are true about children? Indicate with 'T' for true and for false. Give reasons for your choice. a) Most primary school children a

Illustrate child ability to perform a math task, Give an example to illustr...

Give an example to illustrate how language incompetence can interfere with a child's ability to perform a task. While setting up a classification activity, a teacher gave the ch

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

Prove that ad x af=ae x ab, ABCD is a rectangle. Δ ADE and Δ ABF are two tr...

ABCD is a rectangle. Δ ADE and Δ ABF are two triangles such that ∠E=∠F as shown in the figure. Prove that AD x AF=AE x AB. Ans:    Consider Δ ADE and Δ ABF ∠D = ∠B

Fractions, how do I solve 14/27 - 23/27 =

how do I solve 14/27 - 23/27 =

Find the value of x of eagle , A fox and an eagle lived at the top of a cli...

A fox and an eagle lived at the top of a cliff of height 6m, whose base was at a distance of 10m from a point A on the ground. The fox descends the cliff and went straight to the p

The index of industrial production, The index of industrial production ...

The index of industrial production This is a quantity index compiled by the government. This measures changes in the volume of production in main industries. The index is a ex

Linear approximations, Linear Approximations In this section we will l...

Linear Approximations In this section we will look at an application not of derivatives but of the tangent line to a function. Certainly, to get the tangent line we do have to

What are the characteristics of a queuing system, What are the characterist...

What are the characteristics of a queuing system?  (i) The input pattern  (ii) The queue discipline  (iii) The service mechanism

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