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!
MINIMAX regret method
Minimax method assumes that the decision maker will experience 'regret' after he has made the decision and the events have happened. The decision maker chooses the alternative which minimizes the maximum possible regret.
Illustration
Regret table in £ 000's
Boom condition
Steady state
Recession
Mini regret row maxima
Product A
8
5
22
Product B
18
0
Product C
6
38
A regret table is constructed based upon the pay off table. The regret is the 'opportunity losses from taking one decision given that a specific contingency happens in our illustration where there is boom steady state or recession
The ranking by using MINIMAX regret method = BAC
apllication in business and economics
chapter permutation & combination ex :4.6
A garden in the shape of a rectangle is surrounded through a walkway of uniform width. The dimensions of the garden only are 35 by 24. The field of the garden and the walkway toget
L'Hospital's Rule Assume that we have one of the given cases, where a is any real number, infinity or negative infinity. In these cases we have, Therefore, L'H
find the greater value of a and b so that the following even numbers are divisible by both 3 and 5 : 2ab2a
Here we will use the expansion method Firstly lim x-0 log a (1+x)/x firstly using log property we get: lim x-0 log a (1+x)-logx then we change the base of log i.e lim x-0 {l
matrix
eqivalentfraction.
uses of maths concept
Determine the linear approximation for f(x)= sin delta at delta =0
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