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
How is the probability distribution of a random variable constructed? Usually, the past behavior of the variable is studied and the frequency distribution of the past data is form
how to know if it is function and if is relation
It is the catch all force. If there are some other forces which we decide we need to act on our object we lump them in now and call this good. We classically call F(t) the forcing
I''m supposed to be writing a critique for my maths project where i compare the prices for different holidays. i don''t know what to write for a critique though, any tips on what w
Estimate the area between f ( x ) =x 3 - 5x 2 + 6 x + 5 and the x-axis by using n = 5 subintervals & all three cases above for the heights of each of the rectangle. Solution
how to find out percentage error?
Find no. of non negative integral solutions x 1 +x 2 +x 3 +4x 4 =20 Solution) 140. Break them into prime factors . Put 4 = 2^2 and every variable will have factors in 2,3,5 with
Explain Comparing Fractions with example? If fractions are not equivalent, how do you figure out which one is larger? Comparing fractions involves finding the least common
3.20 euros per kilogram, 1 kilogram =2.2 pounds and current exchange rate is $1=0.9 euros. what is the price per pound?
The sum of two consecutive integers is 41. What are the integers? Two consecutive integers are numbers in sequence like 4 and 5 or -30 and -29, that are each 1 number apart. Le
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: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd