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Zero sumgame is a game played by the number of persons in which the winner takes all stakes given by the losers so that the algebraic sum of gains at any stage is zero. Number of decision problems can be seen as zero sum games between two persons.
Kappa coefficient : The chance corrected index of the agreement between, for instance, judgements and diagnoses made by the two raters. Calculated as the ratio of the noticed exces
Barnard, George Alfred (1915^2002) : Born in Walthamstow in the east of London, Barnard achieved a scholarship to St. John's College, Cambridge, from where he graduated in the math
what is operational gaining
The graphic representation of the alternatives in a decision making problem which summarizes all the possibilities foreseen by the decision maker. For instance, suppose we are give
replacement problem
Monty Hall problem : A apparently counter-intuitive problem in the probability which gets its name from the TV game show, 'Let's Make a Deal' hosted by the Monty Hall. On show a pa
The procedure for clustering variables in the multivariate data, which forms the clusters by performing one or other of the below written three operations: * combining two varia
How has quantitative analysis changed the current scenario in the management world today?
Non parametric maximum likelihood (NPML) is a likelihood approach which does not need the specification of the full parametric family for the data. Usually, the non parametric max
Chebyshev's inequality: A statement about the proportion of the observations which fall within some number of the standard deviations of the mean for any of the probability distri
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