+1-415-670-9189
info@expertsmind.com
Decision analysis-maximax criterion
Course:- Basic Statistics
Reference No.:- EM1311272




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Basic Statistics

Decision Analysis:

A payoff table (profits) is shown below.

 

States of Nature

Decisions

S1

S2

S3

D1

10

8

6

D2

14

15

2

D3

7

8

9

a. Using the maximax criterion, what decision should be made by the decision maker?

b. Using the maximin criterion, what decision should be made by the decision maker?

c. Using an equal likelihood criterion, what decision should be made by the decision maker?

d. Using minimax regret criterion, what decision should be made by the decision maker?

e. If the probabilities of s1, s2, and s3 are 0.2, 0.4, and 0.4, respectively, what decision should be made by the decision maker?




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Basic Statistics) Materials
Using the 0.05 level in an appropriate test, evaluate the supplier's contention. Using the appropriate statistical table, what is the approximate p-value for given test?
Explain how this might present a problem if we calculate a simple linear regression equation to predict GPA from number of podcasts downloaded, and explain how a scatterplot
An employer interviews 10 people for 5 management positions in a company and 5 of the 10 people are men. if all 10 are qualified, in how many ways can employer fill the mana
The concessions manager at the Clemson vs. USC football game must decide whether to have the vendors sell sun visors or umbrellas. There is a 30% chance of rain
Why is cohort studies more expensive than case-control studies? I know one problem is cohort studies often must be followed up for a long period to determine whether the out
What evidence from the fiveother documents would support or oppose the views of Rauschenbusch or Pius?What do all of the documents tell you about the issues and problems tha
Show that such a net converges for the product topology if and only if for every i ∈ I , the net {x ji } j ∈ J converges in Xi for Ti . (For this reason, the product topolog
Distribution and the method of moments estimators of the parameters are alpha(hat)= 5.23 and lambda(hat) = 21.3. Find an asymptotic 95% confidence interval for alpha.