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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
Marginal Probability Probability of event A happening, denoted by P(A), is called single probability, marginal or unconditional probability. Marginal or Uncondi
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Use the simplex method to solve the following LP Problem. Max Z = 107x1+x2+2x3 Subject to 14x1+x2-6x3+3x4=7 16x1+x2-6x3 3x1-x2-x3 x1,x2,x3,x4 >=0
Illustration : Solve the following IVP. Solution: First get the eigenvalues for the system. = l 2 - 10 l+ 25 = (l- 5) 2 l 1,2 = 5 Therefore, we got a
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