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
A wholesaler allows a discount of 20% on the list price to a retailer. The retailer sells at 5% discount on the list price.If a customer paid Rs 114 for an article,what profit is m
Can anybody suggest me any example of Set Representation?
A Class 4 teacher was going to teach her class fractions. At the beginning of the term she asked the children, "If you had three chocolates, and wanted to divide them equally among
5-4
inverse rule of x3-5
Do you provide the answers to the Famous Numbers Exercise?
A card is drawn from a well shuffled deck of cards (i) What are the odds in favour of getting spade? (Ans: 1:3, 3:1, 3:10, 1:25) (ii) What are the odds against getting a spa
Translate the following formula into a prefix form expression in Scheme: 5+4*(6-7/5)/3(14-5)(3+1)
How we calculate region for curve tracing
A man is known to speak truth 3 out of 4 times.He throws adie and reports it is a six. Find the probability that it is actually a six. Solution) we can get a six if a man s
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