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

Variation, If p=10 when q=2,find p when q=5

If p=10 when q=2,find p when q=5

Inverse functions, We have seen that if y is a function of x, then fo...

We have seen that if y is a function of x, then for each given value of x, we can determine uniquely the value of y as per the functional relationship. For some f

Algebra, prove That J[i] is an euclidean ring

prove That J[i] is an euclidean ring

Prove that 2b3-3abc+a2d=0, If  the  ratios  of  the  polynomial ax 3 +3bx...

If  the  ratios  of  the  polynomial ax 3 +3bx 2 +3cx+d  are  in  AP,  Prove  that  2b 3 -3abc+a 2 d=0 Ans: Let p(x) = ax 3 + 3bx 2 + 3cx + d and α , β , r are their three Z

Find the third vertex of a triangle, Find the third vertex of a triangle if...

Find the third vertex of a triangle if its two vertices are (-1, 4) and (5, 2) and mid point of one side is (0, 3).

Magnitude - vector, Magnitude - Vector The magnitude, or length, of th...

Magnitude - Vector The magnitude, or length, of the vector v → = (a1, a2, a3) is given by, ||v → || = √(a 1 2 + a 2 2 + a 2 3 ) Example of Magnitude Illus

Additionally functions in substitution rule, Substitution Rule Mostly ...

Substitution Rule Mostly integrals are fairly simple and most of the substitutions are quite simple. The problems arise in correctly getting the integral set up for the substi

Determine the equation of the line, Example :  Determine the equation of th...

Example :  Determine the equation of the line which passes through the point (8, 2) and is, parallel to the line given by 10 y+ 3x = -2 Solution In both of parts we are goi

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