Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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
Graph ( x + 1) 2 /9 -( y - 2) 2 /4 =1 Solution It is a hyperbola. There are in fact two standard forms for a hyperbola. Following are the basics for each form. H
seven more than a number is less than or equal to -18
let X be a nonempty set. let x belong to X. show that the collection l={ union subset of X : union = empty or belong U
Chain Rule : If f(x) and g(x) are both differentiable functions and we describe F(x) = (f. g)(x) so the derivative of F(x) is F′(x) = f ′(g(x)) g′(x). Proof We will s
[2 5] . [7 8}
Do All Our Activities Involve Mathematics? : The answer to this is 'yes' and 'no'. For those who look for mathematics and know where to look for it, it is 'yes'. For those who do
1+1
Problems Involving Motion - Word Problems: How far can a car travelling at a rate of 52 miles per hour travel in 2½ hours? Solution: Using Equation 13: s = vavt
two coins are flipped once.what is the probability of getting two tails?
I need the coordinates for this equation Y=1/2-4
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd