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

Identify the children strategies to solve maths problems, Here are four pro...

Here are four problems. Four children solved one problem each, as given below. Identify the strategies the children have used while solving them. a) 8 + 6 = 8 + 2 + 4 = 14 b)

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

Find relation between x and y while lies on straight line, Find the relatio...

Find the relation between x and y when the point (x,y) lies on the straight line joining the points (2,-3) and (1,4) [ Hint: Use area of triangle is 0] Ans :   Hint: If the poi

Find the tangent to the curve, 1. Find the third and fourth derivatives of ...

1. Find the third and fourth derivatives of the function Y=5x 7 +3x-6-17x -3 2. Find the Tangent to the curve Y= 5x 3 +2x-1 At the point where x = 2.

Prove that cos - sin = v2 sin , If cos?+sin? = √2 cos?, prove that cos? - ...

If cos?+sin? = √2 cos?, prove that cos? - sin? =  √2 sin ?. Ans:    Cos? + Sin? =  √2 Cos? ⇒ ( Cos? + Sin?) 2  = 2Cos 2 ? ⇒ Cos 2 ? + Sin 2 ?+2Cos? Sin? = 2Cos 2 ? ⇒

Find the distance of the journey, A train covered a certain distance at a u...

A train covered a certain distance at a uniform speed.  If the train would have been 6km/hr faster, it would have taken 4hours less than the scheduled time.   And if the train were

Ogive, How many types of ogives?

How many types of ogives?

Logarithmic function:solve for x: 4 log x2, Solve for x: 4 log x = log (15 ...

Solve for x: 4 log x = log (15 x 2 + 16) Solution:              x 4 - 15 x 2 - 16 = 0                (x 2 + 1)(x 2 - 16) = 0                x = ± 4   But log x is

Find the common difference of an ap, Find the common difference of an AP wh...

Find the common difference of an AP whose first term is 100 and sum of whose first 6 terms is 5 times the sum of next 6 terms. Ans:    a = 100 APQ a 1 + a 2 + ....... a 6

Complex number, a ,b,c are complex numbers such that a/1-b=b/1-c=c-1-a=k.fi...

a ,b,c are complex numbers such that a/1-b=b/1-c=c-1-a=k.find the value of k

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