Process of decision making under uncertainty, Data Structure & Algorithms

Assignment Help:

(a) Describe the steps involved in the process of decision making under uncertainty.

(b) Explain the following principles of decision making:

(i) Laplace,
(ii) Hurwicz.

(c) Mr Ryan wants a set of buttons sewn on his jacket, but is uncertain whether he wants black, white, gold, silver, green or violet buttons. A tailor will sew on a set of black buttons for Rs8, a white set for Rs10, a gold set for Rs11, a silver set for Rs9, a green set for Rs6 and a violet set for Rs7. If Mr Ryan changes his mind, then the tailor offers to replace only once whichever selected set for an additional charge of Rs4.

(i) Construct the pay-off table which shows the price Mr Ryan will pay for the buttons depending on whether he keeps the set of buttons or replaces it with another one.

(ii) Which set of buttons will Mr Ryan order if he applies Laplace and Hurwicz [take =0:6] criteria respectively?


Related Discussions:- Process of decision making under uncertainty

Design and test a reference array, Instructions Design and test a r...

Instructions Design and test a reference array. Reference array stores the references to user supplied objects of different types. Just think it as a heterogeneous array wh

Flow chart, that will determine the volume of the sphere or the volume of c...

that will determine the volume of the sphere or the volume of cone or volume of pyramid depending on the choice of the user

Row major representation, Row Major Representation In memory the primar...

Row Major Representation In memory the primary method of representing two-dimensional array is the row major representation. Under this representation, the primary row of the a

B – trees, B-trees are special m-ary balanced trees utilized in databases s...

B-trees are special m-ary balanced trees utilized in databases since their structure allows records to be added, deleted & retrieved with guaranteed worst case performance. A B-

Circular linked list, In a circular linked list There is no beginning a...

In a circular linked list There is no beginning and no end.

Hashing and five popular hashing functions, Q. Explain the term hashing? Ex...

Q. Explain the term hashing? Explain any five well known hash functions.                         Ans: Hashing method provides us the direct access of record from the f

Stack, Explain in detail the algorithmic implementation of multiple stacks....

Explain in detail the algorithmic implementation of multiple stacks.

Singly linked list , The two pointers per number of a doubly linked list pr...

The two pointers per number of a doubly linked list prepare programming quite easy. Singly linked lists as like the lean sisters of doubly linked lists. We need SItem to consider t

State about the pseudocode, State the Introduction to pseudocode No spe...

State the Introduction to pseudocode No specific programming language is referred to; development of algorithms by using pseudocode uses generic descriptions of branching, loop

Splaying procedure, For splaying, three trees are maintained, the central, ...

For splaying, three trees are maintained, the central, left & right sub trees. At first, the central subtree is the complete tree and left and right subtrees are empty. The target

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd