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
Find the lesser of two consecutive positive even integers whose product is 168. Let x = the lesser even integer and let x + 2 = the greater even integer. Because product is a k
Theorem Consider the subsequent IVP. y′ = p (t ) y = g (t ) y (t 0 )= y 0 If p(t) and g(t) are continuous functions upon an open interval a o , after that there i
Two tanks initially contain 100 liter liquid each. Their initial concentration are listed in the Figure below. At time zero, the input and output valves are opened simultaneously w
Definite integration It involve integration among specified limits, say a and b The integral is a definite integral whether the limits of integration are as: a and b
Two boats leave the same port at the same time. One travels at a constant speed of 30 km/hr at a bearing of 50° and the other on a bearing of 110° at a constant speed of 26 km/hr.
What is a scatter diagram? A scatter diagram is a graphical representation of data points for a particular sample. Choosing a dissimilar sample or enlarging the original one ca
Tom is cutting a piece of wood to form a shelf. He cut the wood to 3.5 feet, but it is too long to fit in the bookshelf he is forming. He decides to cut 0.25 feet off the board. Ho
Q. What is a Negative Number? Ans. Negative numbers are very important in mathematics. We say that positive and negative numbers are opposites of one another. Here
Grouped Data For grouped data of a paired population where, f is the
When the son will be as old as the father today their ages will add up to 126 years. When the father was old as the son is today, their ages add upto 38 years. Find their present
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