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

Problem solving for andre, Problem solving for andre A can of powdered ...

Problem solving for andre A can of powdered milk and a can of evaporated milk cost Php 83.90 together. Two cans of evaporated milk and a can of powdered milk cost Php 118.05

Determine radicals in exponent form, Evaluate following.               ...

Evaluate following.                √16 and Solution To evaluate these first we will convert them to exponent form and then evaluate that since we already know how to

Constantinople byzance adrienople nicosia, What was the name of Istanbul be...

What was the name of Istanbul before its capture by the Turks? Constantinople Byzance Adrienople Nicosia

The sum of two consecutive integers is 41 integer, The sum of two consecuti...

The sum of two consecutive integers is 41. What are the integers? Two consecutive integers are numbers in sequence like 4 and 5 or -30 and -29, that are each 1 number apart. Le

Converting, I need help converting my project fractions to the number 1.

I need help converting my project fractions to the number 1.

Find out the minimum distance from the origin, Problem 1. Find the maximum...

Problem 1. Find the maximum and the minimum distance from the origin to the ellipse x 2 + xy + y 2 = 3. Hints: (i) Use x 2 + y 2 as your objective function; (ii) You c

What are inclusive events, Q. What are Inclusive Events? Ans. Even...

Q. What are Inclusive Events? Ans. Events that can occur at the same time are called inclusive events. For example, a student can belong to more than one club at one time

Create graph showing the depth of the water , Your friends have opened an o...

Your friends have opened an ocean fishing operation that requires their fishing vessel to cross a channel, where the depth of the water (measured in metres) varies with time, and i

Fractions, What fraction could you add to 4/7 to get a sum greater than 1

What fraction could you add to 4/7 to get a sum greater than 1

Describe the types of triangles, Describe the Types of triangles ? Tria...

Describe the Types of triangles ? Triangles can be classified according to the lengths of the sides or the measures of the angles. 1. Naming triangles by sides An

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