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
consumer behaviour in my feild of studies accounting ..
An unbiased die is tossed twice .Find the probability of getting a 4,5,6 on the first toss and a 1,2,3,4 on the second toss
Solve 2x^2 + 5x + 36
maths projects for class 11
A comparison of the wearing out quality of two types of tyres was obtained by road testing. Samples of 100 tyres were collected. The miles traveled until wear out were recorded and
A patient will receive hemodialysis for 2.5 hours. The amount of fluid removed per hour is 1.4 liters. The total amount removed in liters, will be
Previous year's budget was 12.5 million dollars. This year's budget is 14.1 million dollars. How much did the budget increase? Last year's budget must be subtracted from this y
what is a Benchmark Fraction
Fermat's Theorem : If f ( x ) contain a relative extrema at x = c & f ′ (c ) exists then x = c is a critical point of f ( x ) . Actually, it will be a critical point such that f
What is the Elimination technique of Linear Equations?
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