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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
Suppose that x = x (t ) and y = y (t ) and differentiate the following equation with respect to t. Solution x 3 y 6 + e 1- x - cos (5
Calculate the Probability A bag contains 80 balls of such 20 are red, 25 are blue and 35 are white. A ball is picked at random what is the probability that the ball picked is
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Question Solve the following functions for x (where x is a real number). Leave your answers in exact form, that is, do not use a calculator, show all working. (a) 3 x 3 x2 3
We're here going to take a brief detour and notice solutions to non-constant coefficient, second order differential equations of the form. p (t) y′′ + q (t ) y′ + r (t ) y = 0
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#math assignment
(4 sqrt3+5 sqrt2)/(sqrt48+ srt18)
write the equation of parabola of vertex(2,-3)and focus(_1,1)
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