Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Decision making under uncertainty
Various methods are used to make decision in circumstances whereas only the pay offs are identified and the likelihood of every state of nature are identified
a) Maximin Method
This criterion is based upon the "conservative approach' to suppose that the worst possible is going to occur. The decision maker considers every strategy and locates the minimum pay off for each and then selects that alternative that maximizes the minimum payoff
Demonstration
Rank the products A, B and C applying the Maximin rule b using the given payoff table showing potential losses and profits which are expected to arise from launching these three products in three market situation
Pay off table in £ 000's
Boom condition
Steady state
Recession
Mini profits row minima
Product A
+8
1
-10
Product B
-2
+6
+12
Product C
+16
0
-26
In above table
Ranking the MAXIMIN rule = BAC
The actual solution is the specific solution to a differential equation which not only satisfies the differential equation, although also satisfies the specified initial conditions
Q. Difference between Probability and statistics? Ans. Probability and statistics are used in many different aspects of life. What are they and why are they so popular?
how to change sin 24 degree in digits?
If r per annum is the rate at which the principal A is compounded annually, then at the end of k years, the money due is Q = A (1 + r) k Suppose
Megan bought x pounds of coffee in which cost $3 per pound and 18 pounds of coffee at $2.50 per pound for the company picnic. Find out the total number of pounds of coffee purchase
hi i would like to ask you what is the answer for [-9]=[=5] grade 7
HOW MANY TENS ONES AND HUNDRED ARE IN A GROUP OF 2
why is a complimentary angle 90 degres
1. Consider a source with 4 symbols {a,b,c,d}. The probability of the 4 symbols are P(a)=0.4, p(b) = 0.1, p(c)=0.2, p(d)= 0.3. a. Design a Huffman codebook for these symbols.
The value of K for (k+1)x^2-2(k-1)x+1 = 0 has real and equal roots.
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd