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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
2x-3x=6
volume=(1/3)(pi)(radius of base)2(height) curved surface area=(pi)(r)(l), r is radius of base and l is length of straight line connecting apex of cone with point on edge of base
y= -3x tell if it is linear or not. our teacher wants it graphed or something.
Measures of Dispersion - The measures of dispersion are extremely useful in statistical work since they indicate whether the rest of the data are scattered away from the mean
3x+5y
solving
#31
Properties 1. ∫ b a f ( x ) dx = -∫ b a f ( x ) dx . We can interchange the limits on any definite integral, all that we have to do is tack a minus sign onto the integral
Integrate ((cosx)*(sinx))/(sin(2x)) with respect to x
question..how do u understand thr rock cycle
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