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

Help, How do I solve step by step 7

How do I solve step by step 7

Find no. of diagonals, In a polygon no 3 diagnols are concurrent. If the to...

In a polygon no 3 diagnols are concurrent. If the total no of points of intersection are 70 ( interior ). find the no. of diagnols? Ans) Since no 3 diagonals are concurrent, There

Alphabet is any arrangement , A word on an alphabet is any arrangement of t...

A word on an alphabet is any arrangement of the letters in the alphabet. For example,ODD, DOD, DOO, DDD are three-letter words on the alphabet {D,O}. How many four-letter words are

?, x/15=50/20

x/15=50/20

Sin[cot-1{cos(tan-1x)}], sin (cot -1 {cos (tan -1 x)}) tan -1 x = A  ...

sin (cot -1 {cos (tan -1 x)}) tan -1 x = A  => tan A =x sec A = √(1+x 2 ) ==>  cos A = 1/√(1+x 2 )    so   A =  cos -1 (1/√(1+x 2 )) sin (cot -1 {cos (tan -1 x)}) = s

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

Example of convergent or divergent - comparison test, Determine if the subs...

Determine if the subsequent series is convergent or divergent. Solution As the cosine term in the denominator doesn't get too large we can suppose that the series term

''t'' distribution, The 't' distribution is a theoretical probability distr...

The 't' distribution is a theoretical probability distribution. The 't' distribution is symmetrical, bell-shaped, and to some extent similar to the standard normal curve. It has an

Changing the base of the index, Changing The Base Of The Index For com...

Changing The Base Of The Index For comparison reasons if two series have different base years, this is difficult to compare them directly. In such cases, it is essential to ch

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