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

The game tree, An interesting application or implementation of trees is the...

An interesting application or implementation of trees is the playing of games such as tie-tac-toe, chess, nim, kalam, chess, go etc. We can depict the sequence of possible moves

Binary search, Write the algorithm for Binary search. Also apply this algo...

Write the algorithm for Binary search. Also apply this algorithm on the following data. 22, 44, 11, 88, 33, 55, 77, 66

Abstract data type-list, It is a useful tool for indicating the logical pro...

It is a useful tool for indicating the logical properties of data type. It is a collection of values & a set of operations on those values. Methodically, "a TYPE is a set, & elemen

Enumerate the types in ruby, Enumerate the Types in Ruby Ruby is a pure...

Enumerate the Types in Ruby Ruby is a pure object-oriented language, meaning that all types in Ruby are classes, and each value in a Ruby program is an instance of a class. Thi

Standard ways of traversing a graph, Q. Which are the two standard ways of ...

Q. Which are the two standard ways of traversing a graph?  Explain them with an example of each.  Ans:   T he two ways of traversing a graph are written below

Insertion sort, Data array A has data series from 1,000,000 to 1 with step ...

Data array A has data series from 1,000,000 to 1 with step size 1, which is in perfect decreasing order. Data array B has data series from 1 to 1,000,000, which is in random order.

The time and space complexities of an algorihm, Relation between the time a...

Relation between the time and space complexities of an algorithm The examining of algorithm focuses on time complexity and space complexity. As compared to time analysis, the a

Determination of time complexity, Determination of Time Complexity The...

Determination of Time Complexity The RAM Model The random access model (RAM) of computation was devised through John von Neumann to study algorithms. In computer science,

Applications of avl trees, AVL trees are applied into the given situations:...

AVL trees are applied into the given situations: There are few insertion & deletion operations Short search time is required Input data is sorted or nearly sorted

Program, insertion and deletion in a tree

insertion and deletion in a tree

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