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
Relative Frequency This type of probability requires us to make some qualifications. We define probability of event A, occurring as the proportion of times A occurs, if we re
In a certain class, one half of the male students and two thirds of the female students speak French. If there are three fourths as many girls as boys in the class. What fraction o
sin 4 x - sin x = 0
Evaluate the subsequent integral. Solution This is an innocent enough looking integral. Though, because infinity is not a real number we cannot just integrate as norm
An electric utility company determines the monthly bill for a residential customer by adding an energy charge of 5.72 cents per kilowatt-hour to its base charge of $16.35 per month
Tetracycline 500 mg capsules Sig: 1 cap po bid for 14 days. Refills: 2 What is the dose of this medication:____________________ (0.5 point) How many doses are given per day:______
I've termed this section as Intervals of Validity since all of the illustrations will involve them. Though, there is many more to this section. We will notice a couple of theorems
What is input - output analysis?
Coal is carried from a rrrine in West Virginia to a power plant in New York in hopper cars on a long train. The automatic hopper car loader is set to put 36 tons of coal in each ca
Given y = f(x) = x 2 + 2x +3 a) Use the definitional formula given below to find the derivative of the function. b) Find the value of the derivative at x = 3.
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