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

Example of imaginary numbers, Example of Imaginary Numbers: Example 1...

Example of Imaginary Numbers: Example 1: Multiply √-2  and √-32 Solution: (√-2)( √-32) = (√2i)( √32i) =√64 (-1) =8 (-1) =-8 Example 2: Divid

Calculate log equation, Calculate log equation: Calculate log 10 2 - ...

Calculate log equation: Calculate log 10 2 - log 10 3. Solution: Rule 2. log 10   (A/B): log 10   A - log 10   B log 10   2 - log 10   3 = log 10   (2/3) =

Applied Math, Calucations of gradients find f Graph some level curve f=cons...

Calucations of gradients find f Graph some level curve f=const. f=9x^2 = 4y^2

How many dollars did they raise the first two days, The freshman class is p...

The freshman class is participating in a fundraiser. Their target is to raise $5,000. After the first two days of the fundraiser, they have raised 32 percent of their goal. How man

Calculate the value of the following limits, Calculate the value of the fol...

Calculate the value of the following limits. Solution To remind us what this function such as following the graph. hence, we can see that if we reside to the r

Price cutter sold 85 beach towels what were the total sales, Price Cutter s...

Price Cutter sold 85 beach towels for $6.95 each. What were the total sales? You must multiply the number of towels sold through the price of each towel; 85 × $6.95 = $590.75.

Density Determination, If the mass is 152.2g and the volume is 18cm3, then ...

If the mass is 152.2g and the volume is 18cm3, then what is the density?

Mathematics Warm-Ups for CCSS, Ask question #Minimum 100 words accepted wha...

Ask question #Minimum 100 words accepted what is a ratio

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