Decision theory, Mathematics

Assignment Help:

Decision Theory

Decisions

There are many types of decision making

1.      Decision making under uncertainty

It refer to situations where more than one outcome can result from any single decision

2.      Decision making under certainty

Whenever there exists only one outcome for a decision we are dealing along with this category for example linear programming, transportation sequencing and assignment and so on.

3.      Decision making by using prior data

This occurs whenever it is possible to employ past experience or prior data to develop probabilities for the happened of each data

4.      Decision making with no prior data

No past experience exists that can be utilized to derive outcome probabilities in this case the decision maker uses her or his subjective estimates of probabilities for different outcomes

 

 


Related Discussions:- Decision theory

Composite functions, f(x)=4x-3 and g(x)=(x+3)/4 a)Find the function fg(x) ...

f(x)=4x-3 and g(x)=(x+3)/4 a)Find the function fg(x) b)Hence describe the relationship between the functions f and g c)Write down the exact value of fg(sqrt(3))

Viscosity measure, get the viscosity of particle to apply the stoke''s law

get the viscosity of particle to apply the stoke''s law

Chain rule, Chain Rule :   If f(x) and g(x) are both differentiable func...

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

Example of 3-d coordinate system, Example of 3-D Coordinate System Exam...

Example of 3-D Coordinate System Example: Graph x = 3 in R, R 2 and R 3 .   Solution In R we consist of a single coordinate system and thus x=3 is a point in a 1-D co

Given x+1/x=2cosy then find x^n +1/x^n, Here we know x can only be 1 or -1...

Here we know x can only be 1 or -1. so if it is 1 ans is 2. if x is -1, for n even ans will be 2 if x is -1 and n is odd ans will ne -2. so we can see evenfor negative x also an

Drawn to a circle with center o, From a point P, two tangents PA are drawn ...

From a point P, two tangents PA are drawn to a circle with center O.If OP=diameter of the circle show that triangle APB is equilateral. Ans:    PA=PB (length of tangents

Circles, Two tangents TP and TQ are drawn to a circle with center O from an...

Two tangents TP and TQ are drawn to a circle with center O from an external point T.prove that angle PTQ=angle 2 OPQ

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