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
E1) I have a three-year-old friend. He has a lot of toy cars to play with. Playing with him once, I divided the cars into two sets. One set was more spread out and had 14 cars in i
Q. What is Common Triangles? Ans. Some triangles appear more commonly than others. You will come across two triangles repeatedly as you learn more about trigonometry. T
Q. Illustrate Median with example? Ans. The median of a data set is the middle value (or the average of the two middle terms if there are an even number of data values) wh
encoded with the matrix -3 -7 and 4 9. what lights up a soccer stadium? ecoded message: {-3 - 7} {3 2 } {3 6} {57 127} {52 127} {77 173} {23 51)
how is it done
Velocity and Acceleration - Three Dimensional Space In this part we need to take a look at the velocity and acceleration of a moving object. From Calculus I we are famili
A bus picks up a group of tourists at a hotel. The sightseeing bus travels 2 blocks north, 2 blocks east, 1 block south, 2 blocks east, and 1 block south. Where is the bus in relat
Write the doubles fact you used to solve the problem. 7 + 8 = 15
If we "break up" the root into the total of two pieces clearly we get different answers. Simplified radical form: We will simplify radicals shortly so we have to next
Twice a number increased by 11 is equal to 32 less than three times the number. Find out the number. Let x = the number. Now translate every part of the sentence. Twice a numb
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