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
Standard Basis Vectors Revisited In the preceding section we introduced the idea of standard basis vectors with no really discussing why they were significant. We can now do
Give the Definition of Logarithms ? A logarithm to the base a of a number x is the power to which a is raised to get x. In equation format: If x = ay, then log a x = y.
A teacher on attempting to arrange the students for mass drill in the form of a solid square found that 24 students were left over. When he increased the size of the square by one
Ask question what is half of 1 1/3 liquid measurements?
THE PREREQUISITES FOR MULTIPLICATION : The word 'multiply', used in ordinary language, bears the meaning 'increase enormously For instance, bacteria multiply in favourable conditi
Q. Basic Set Union Operation? Ans. Suppose instead that your school needs to know which students are taking either art or business or both. Then the students who are ta
Linear functions are of the form: y = a 0 + a 1 x 1 + a 2 x 2 + ..... + a n x n where a 0 , a 1 , a 2 ..... a n are constants and x 1 , x 2 ..... x n a
Illustration 2 In a described farm located in the UK the average salary of the employees is £ 3500 along with a standard deviation of £150 The similar firm has a local
Need help, Determine the points of inflection on the curve of the function y = x 3
Logarithmic form and exponential form ; We'll begin with b = 0 , b ≠ 1. Then we have y= log b x is equivalent to x= b y The first one is called
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