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

Find out the total number of pounds of coffee purchased, Megan bought x pou...

Megan bought x pounds of coffee in which cost $3 per pound and 18 pounds of coffee at $2.50 per pound for the company picnic. Find out the total number of pounds of coffee purchase

Positive real exponents, Simplify following and write the answers with only...

Simplify following and write the answers with only positive exponents.  (a) ( x 8.2 y -0.26 z 2 ) 0.5  (b)  (x 3 y -4.1   / x -2.7 ) -3 Solution  (a) (x 8.2

Functions, Question Solve the following functions for x (where x is a r...

Question Solve the following functions for x (where x is a real number). Leave your answers in exact form, that is, do not use a calculator, show all working. (a) 3 x 3 x2 3

Constants of integration, CONSTANTS OF INTEGRATION Under this section w...

CONSTANTS OF INTEGRATION Under this section we require to address a couple of sections about the constant of integration. During most calculus class we play pretty quick and lo

Example of decimal to fraction conversion, Example of Decimal to Fraction C...

Example of Decimal to Fraction Conversion: Example: Convert 18.82 to a mixed number. Solution: Step 1:            18.82 is 18 and 82 hundredths. 18.82 = 18(8

Equal matrices, Is this given matrices are called equal Matrices?

Is this given matrices are called equal Matrices?

Problem solving, compare 643,251;633,512; and 633,893. The answer is 633,51...

compare 643,251;633,512; and 633,893. The answer is 633,512

Proof of the properties of vector arithmetic, Proof of the Properties of ve...

Proof of the Properties of vector arithmetic Proof of a(v → + w → ) = av → + aw → We will begin with the two vectors, v → = (v 1 , v 2 ,..., v n )and w? = w

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