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
commutative law
3 items x, y and z will have 6 different permutations however only one combination. The given formular is generally used to determine the number of combinations in a described situ
Justin earned scores of 85, 92, and 95 on his science tests. What does he required to earn on his further science test to have an average (arithmetic mean) of 93%? To earn an a
Everything stored on a computer can be represented as a string of bits. However, different types of data (for example, characters and numbers) may be represented by the same strin
The Shape of a Graph, Part II : In previous we saw how we could use the first derivative of a function to obtain some information regarding the graph of a function. In this secti
The sides of a triangle are x^(2 )+x+1, 2x+1,x^2-1, prove that the largest angle is 120 degrees, and find range of x. Ans) The biggest side is x^(2) + x + 1 so findout the angl
if a,b,c are in HP
Determine the slope following lines. Sketch the graph of line. The line which contains the two points (-2, -3) and (3, 1) . Solution we'll need to do is employ
what is the perimeter of a rhombus
A standard deck of cards contains 52 cards. One card is selected at random. Determine a) The probability that the card is a 8 or an Ace? b) The probability that the card is
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